Copper production in Latin America has increased from less than 750,000 tons in 1960 to 8.6 million tons in 2022, accounting for 39% of total global production. Asia also shows significant growth. The region's share of global production increased from just 6% to 21% over the corresponding period. In contrast, North America's share declines from 36% to 12%.
In 2022, Chile accounts for nearly a quarter of world copper production, with 5.3 million tons of copper. Peru, whose production has increased dramatically since 2015, accounts for 11% of world copper production. in 2022, the Democratic Republic of the Congo overtakes China in third place with 2.3 million tons of copper.
Copper mining capacity is expected to reach 31.7 million tons in 2027, of which 18.6% will be SXEW production. This would be 17.7% higher than the 26.9 million tons of global copper capacity recorded in 2022. Future copper mine capacity is expected to grow at an average annual rate of 3.3% as new capacity is added by existing and some new operations. The ratio of production to capacity is referred to as the capacity utilization rate. global mine capacity utilization in 2022 is approximately 81.6%.
