Copper Production in 2023

Copper has emerged as a crucial material in AI Data Centers, making it vital to identify companies with higher copper production.

According to the United States Geological Survey (USGS), global copper reserves stood at 1 billion tons in 2023, with major copper-rich countries including:
1. Chile (190 million tons)
2. Australia (100 million tons)
3. Peru (120 million tons)
4. Russia (80 million tons)
5. Mexico (53 million tons)
6. United States (50 million tons)

In terms of production, global copper output from ore reached 22 million tons in 2023, with leading copper-producing countries being:
1. Chile (5 million tons)
2. Peru (2.6 million tons)
3. China (1.7 million tons)
4. United States (1.1 million tons)

Interestingly, Indonesia is the sole ASEAN country on the list. The Grasberg block cave mine in Papua, owned by PT Freeport Indonesia, a subsidiary of Freeport-McMoRan, is Indonesia's largest copper mine. Freeport's mining rights are currently valid until 2041, with discussions ongoing with the Indonesian government to extend them beyond 2041.

In February, operations at Freeport's Grasberg mine were suspended due to flooding, leading to a reduction in its first-quarter copper sales forecast. However, specific forecast data was not provided.

Indonesian copper miner PT Amman Mineral Internasional plans to increase copper concentrate production to 833,000 tons in physical content in 2024, a 54% increase from the previous year. In 2023, both production and sales at Amman fell by 32% due to higher rainfall earlier in the year, with the company producing 541,893 tons of copper concentrate and selling 548,313 tons.

Given Indonesia's abundant natural resources, it's no surprise that many electric vehicle companies are investing in the country.