ICSG: Global Copper Mine Output Slips in First Five Months of 2026

Copper  |  2026-07-22 07:05:03   |   By

Chile recorded the sharpest decline among major producers, with mine output falling 8.8% due to weaker production at key operations, including El Teniente, Escondida, Los Pelambres, and Spence. Indonesia's concentrate production plunged 38%, ICSG press release said.

SEATTLE (Scrap Monster): Global copper mine production declined during the first five months of 2026, even as refined copper output and demand continued to grow, according to preliminary data released by the International Copper Study Group (ICSG).

The report showed that worldwide copper mine production fell 1.9% year over year between January and May. The solvent extraction-electrowinning (SX-EW) output increased 3.5%, whereas the concentrate production dropped by 3.4%. Lower production in Chile, the Democratic Republic of Congo (DRC), and Indonesia offset gains from expanding mining projects in several other countries.

Chile recorded the sharpest decline among major producers, with mine output falling 8.8% due to weaker production at key operations, including El Teniente, Escondida, Los Pelambres, and Spence. Indonesia's concentrate production plunged 38%, ICSG press release said.

Meanwhile, Peru increased mine production by 3.4%, while Mongolia posted a 23% rise driven by the Oyu Tolgoi underground expansion.

Global refined copper production increased by around 3% during the period, supported by a 2.5% rise in primary production and a 5.5% jump in recycled copper output. World refined copper consumption grew by an estimated 2.2%.

ICSG estimated an apparent surplus of approximately 221,000 tonnes during the first five months of 2026, significantly higher than the 117,000-tonne surplus recorded in the corresponding period of 2025.

YOU MAY ALSO BE INTERESTED IN:

ICSG Forecasts Global Copper Surplus Through 2027

ICSG: Global Copper Surplus Widens in Q1 Despite Flat Mine Output