# Copper and Molybdenum Outside China and the United States, almost all molybdenum is recovered from copper mines, so molybdenum supply follows copper mine plans and copper miners earn part of their revenue from a steel-alloy metal. Source page: https://www.materialinsights.org/links/copper-and-molybdenum/ [Copper](https://www.materialinsights.org/commodities/copper/) (commodity) and [Molybdenum](https://www.materialinsights.org/commodities/molybdenum/) (commodity): 3 relationships. ## How they are linked ### 1. By-product of porphyry copper *Joint production · Strong · Copper mining yields molybdenum* Porphyry copper deposits carry molybdenite, which copper mines separate into a molybdenum concentrate. Only China and the United States also run primary molybdenum mines; every other producer relies on by-product output from copper mines. - **about 48%** of 2024 world molybdenum mine output from countries that rely only on by-product copper mines (all producers except China and the US) - **about 80,000 t** molybdenum mined in Peru and Chile combined, 2024 - **7** US copper mines producing by-product molybdenum in 2025, against 2 primary mines Because most by-product output is set by the operating schedules of the copper mines underneath it, a rise in the molybdenum price does little to raise supply in the short run, while a copper mine closure or grade decline removes molybdenum too. Rising molybdenum consumption has still led many copper producers to upgrade facilities to extract molybdenite. In China and the United States primary mines give some price-responsive supply. Sources: [US Geological Survey](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-molybdenum.pdf); [Shanghai Metals Market](https://news.metal.com/newscontent/104186083-global-copper-molybdenum-giant-slams-the-brakes-on-molybdenum-output-growth-smm-analysis) ### 2. Same producing countries *Geography and ownership · Medium · Chile, Peru, Mexico and the US lead in both* The Andean and North American porphyry belts that host the largest copper mines are also the main source of molybdenum outside China. - **5,510 kt and 38,500 t** Chile's 2024 copper and molybdenum mine output - **2,740 kt and 41,900 t** Peru's 2024 copper and molybdenum mine output - **about 100,000 t** China's 2024 molybdenum output, the largest, from primary and by-product mines - **16,200 t** Mexico's 2024 molybdenum mine output Chile is the world's largest copper miner and Peru the third largest, after the Democratic Republic of the Congo, and together they mined about 80,000 t of molybdenum in 2024. Labour disputes, water limits or ore-grade declines in these countries therefore hit both markets at once. China is the exception: it mined about 100,000 t of molybdenum but only 1,840 kt of copper, because much of its output comes from primary mines. Sources: [US Geological Survey](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-molybdenum.pdf); [US Geological Survey](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-copper.pdf) ### 3. Both on critical lists *Policy · Medium · Both ways* Governments now treat both metals as strategic: India listed both copper and molybdenum as critical minerals in 2023, the US added copper to its critical minerals list in 2025, and China placed export controls on molybdenum powders in February 2025. For a buyer of molybdenum, these listings mean that supply risk comes both from copper mine operations and from trade policy in China, the largest producer. For copper project developers, critical-mineral status can bring public finance or faster permits, and a molybdenum circuit adds a second listed product. Sources: [US Geological Survey](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-molybdenum.pdf); [US Geological Survey](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-copper.pdf); [ThePrint](https://theprint.in/india/governance/india-releases-list-of-30-critical-minerals-crucial-for-economic-development-national-security/1646689) ## For investors ### Key learnings 1. Outside China and the US, molybdenum supply is set by copper mine plans, so molybdenum prices can stay high for long periods without a supply response. 2. At porphyry mines in Chile, Peru, Mexico and the US, molybdenum sales act as a credit against copper costs, so a molybdenum price rise lifts margins without any change in copper output. 3. Copper disruptions in Chile and Peru are also molybdenum supply shocks, since the two countries mined about 80,000 t of molybdenum in 2024. ### What to track - **Chile and Peru copper mine output**: Falls signal tighter molybdenum supply as well as copper (Monthly · Cochilco, Peru Ministry of Energy and Mines) - **Molybdic oxide price**: Shows whether by-product credits at copper mines are rising or falling (Weekly · Argus, Fastmarkets) - **China molybdenum export licensing**: Tighter rules raise prices outside China (As announced · China Ministry of Commerce) ## For policymakers ### Key learnings 1. India meets most of its molybdenum demand through imports; Chile supplied 48% of its ore and concentrate imports in 2021-22, so Indian alloy-steel makers depend on Andean copper mines. 2. The Malanjkhand copper deposit in Madhya Pradesh contains 0.04% recoverable molybdenum, so a by-product circuit at a domestic copper mine is a small lever for supply security. 3. Listing copper and molybdenum together as critical minerals makes sense geologically: a policy that expands domestic copper mining can also add molybdenum. ### What to track - **India imports of molybdenum ores and concentrates by origin**: Shows reliance on Chile and on Chinese-processed products (Monthly · DGCI&S, Ministry of Commerce) - **India ferro-molybdenum output**: Measures domestic conversion capacity for steelmakers (Annual · Indian Bureau of Mines yearbook) ## India India mined only 27 kt of copper in 2024 and produces molybdenum concentrate only intermittently, as a by-product of the Jaduguda uranium mine; in 2021-22 it imported about 9,100 t of molybdenum ores and concentrates, 48% of it from Chile. The Malanjkhand copper deposit contains 0.04% recoverable molybdenum. ## Sources 1. [Mineral Commodity Summaries 2026: Molybdenum](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-molybdenum.pdf), US Geological Survey (2026) 2. [Mineral Commodity Summaries 2026: Copper](https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-copper.pdf), US Geological Survey (2026) 3. [Global copper-molybdenum giant slams the brakes on molybdenum output growth (SMM analysis)](https://news.metal.com/newscontent/104186083-global-copper-molybdenum-giant-slams-the-brakes-on-molybdenum-output-growth-smm-analysis), Shanghai Metals Market (2026) 4. [Indian Minerals Yearbook 2022: Molybdenum](https://ibm.gov.in/writereaddata/files/171015801365eef0bdb09a5Molybdenum2022.pdf), Indian Bureau of Mines (2023) 5. [India releases list of 30 critical minerals crucial for economic development, national security](https://theprint.in/india/governance/india-releases-list-of-30-critical-minerals-crucial-for-economic-development-national-security/1646689), ThePrint (2023)