How China is reshaping the global copper market
China is reshaping the copper landscape. From a marginal player little over a decade ago, the country has emerged as a dominant force in the copper industry: supply from Chinese-backed operations is projected to increase by over 300% between 2010-2028, according toBenchmark estimates.This focus on resource development has come as western peers have largely retreated away from building new projects.
The rise of China’s top copper miners—CMOC, Zijin Mining, and China Northern Rare Earth Group—is emblematic of this growth. These companies have demonstrated an appetite to engage in risky and complex mining jurisdictions, particularly in Africa. Unlike many western companies, which have shied away from politically unstable regions, Chinese firms have actively pursued opportunities in countries such as the Democratic Republic of Congo (DRC) and Zambia.
This bold approach has enabled China to secure long-term access to critical copper reserves, ramping up operations at a time when a lack of new mined supply threatens to slow the global energy transition.
CMOC, for instance, has emerged as a leading copper and cobalt producer, following the acquisition of the Tenke Fungurume mine and Kisanfu project in the DRC from Freeport-McMoRan. Since then, its output has outperformed industry expectations, growing copper production from negligible levels to over 500,000 tonnes annually in 2024. The company has also cemented itself as the world’s leading cobalt producer.
China’s pursuit of copper has been driven by a determination to achieve self-sufficiency in copper concentrate supply, essential to feed its vast domestic smelting capacity. This is undoubtedly a strategic move, safeguarding copper supply – the key building block on which the energy transition is being built – as the geopolitical landscape becomes ever-more fraught and uncertain.
First-hand accounts of the China copper market are part of the expert market insights provided in Benchmark’s free Copper Weekly newsletter.
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