Copper: Stocks
Why copper's reserve life never seems to shrink
Why copper's reserve life never seems to shrink What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.Top five countries: reserves, output and years of supply
| Country | Reserves Mt Cu content | Current output Mt Cu content (mine, 2025e) | Years of supply | Recycling |
|---|---|---|---|---|
| Chile | 180 | 5.3 | 34 | n/a |
| Congo (Kinshasa) | 80 | 3.2 | 25 | n/a |
| Peru | 85 | 2.7 | 31 | n/a |
| China | 41 | 1.8 | 23 | n/a |
| Russia | 80 | 1.3 | 62 | n/a |
Recycling
Recycled copper met 32-33% of world copper demand in 2023 (ICSG, via BRGM 2024). The EU end-of-life recycling input rate is 55% (EU CRM study 2023). In the US, copper from old and new scrap contributed about 30% of supply in 2025 (USGS). Country rates for the top mining countries and India are not published.
USGS reserves are 980 million tonnes, about 43 years of 2025 mine output. That ratio tends to hold steady, because exploration keeps turning resources into reserves. Identified resources are 1.5 billion tonnes, with an estimated 3.5 billion tonnes undiscovered. A large stock also sits in buildings and grids and returns as scrap. The EU end-of-life recycling input rate is 55%, high for any metal, and scrap met about 30% of US supply in 2025. US refined stocks jumped from 123,000 to 450,000 tonnes in 2025 as imports surged amid tariff uncertainty.
Reserves
World reserves 980,000 thousand metric tons, Cu content Reserve life 43 years at 2025 production Chile 18% Australia 10% Peru 9% DR Congo 8% Russia 8% Largest reserve holders, share of world reserves (USGS MCS 2026). Reserves are what is economic to extract today, not what exists.Recycling
End-of-life recycling input rate in the EU: 55% of demand met from post-consumer scrap (EU CRM study 2023).In 2025 old scrap supplied about 160,000 tons and new scrap about 760,000 tons of US copper, and scrap contributed about 30% of US copper supply.