Chile, the top copper producer in the world, aims to increase its output to 5.54 million tons by 2034, a 5.6% increase compared to 2023, according to the Chilean Copper Commission (Cochilco).

In 2024, Chile produced 23.6% of the world's copper, and by 2034, its share is expected to grow to 27.3%.

Cochilco forecasted Chile to peak production at 6.07 million tons in 2027, with output declining afterward, reaching the lowest point in 2034.

The revised forecast for 2034 was based on more realistic estimates, down from an earlier prediction of 6.43 million tons. Aging mines would contribute to the decline, though production could reach 7 million tons in an ideal scenario.

By 2034, the Democratic Republic of the Congo is projected to hold 13.6% of the market, taking the second place, followed by Peru with a share of 10.2%.