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The world's largest copper producing countries in 2022 - report

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(Kitco News) - Preliminary global mine copper production in 2022 increased by 3.8% to 22 million tonnes. Chile was the largest copper producing country, followed by Peru and the Democratic Republic of the Congo (DRC).

According to preliminary data released by the U.S. Geological Survey (USGS), estimated global mine production of copper was 22 million tonnes in 2022, or 3.8% higher than in 2021 (21.2 million tonnes).

USGS said that global refined copper production increased by 2.8% to an estimated 26 million tonnes in 2022 from 25.3 million tonnes in 2021.

Global mine copper production, 2010-2022, ktonnes. 2022* - preliminary data. Source: USGS.

With ~5,200 ktonnes of copper mined in 2022, Chile was the top copper producer worldwide, followed by Peru (2,200 ktonnes) and DRC (2,200 ktonnes).

The world’s largest copper producing countries, ktonnes. 2022* - preliminary data. Source: USGS.

USGS added that the annual average COMEX copper price was projected to be about $4 per pound in 2022, 6% less than that in 2021.

According to the report, analysts attributed the decreased price primarily to widespread global expectations for reduced economic growth and lower demand for copper in the near future, COVID-19 mitigation measures in China, and increased strength of the United States dollar relative to other currencies.

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