US Copper Mining Companies Ranked by US Output

US copper mining companies ranked by US mine output

Freeport-McMoRan is the largest of the US copper mining companies: its US mines produced 1,304 million pounds (Mlb) of copper in 2025, about 591 thousand tonnes (kt), which is roughly 59% of the 1,000 kt the US Geological Survey estimates the whole country mined that year (Freeport 2025 Form 10-K; USGS Mineral Commodity Summaries, February 2026). Rio Tinto’s Kennecott operation in Utah is second at 125.1 kt, and Capstone Copper’s Pinto Valley mine in Arizona is third at 42.4 kt. A fourth producer, Trekor Metals (the company formerly called Taseko Mines), started copper cathode at Florence Copper in Arizona in 2026.

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US copper mined in 2025, by operator

Thousand tonnes of copper; Freeport net of Morenci partners; remainder is USGS total minus the three named operators

This page ranks the companies that publish a US copper figure, explains what each one owns, lists the projects that could add US supply, and shows the output, price and import numbers behind the stock tickers. Copper is quoted in thousand metric tonnes (kt), million pounds (Mlb) or US$ per pound. One tonne is 2,204.62 pounds. This page gives facts from filings, not advice, and it names no security to buy or sell. Not investment advice.

How we ranked them

The ranking metric is copper mined at US operations in the latest full calendar year that the company reported, taken from the company’s own filings. We ranked every company whose filings gave a US-only mine figure for 2025. Three rules keep the comparison fair.

• Net of partners. Freeport owns 72% of Morenci and reports its share. The other 28% belongs to two Sumitomo Metal Mining companies, which take their share of the copper in kind (Freeport 2025 Form 10-K). Freeport’s US figure is therefore smaller than the output of the mines it operates.
• Mined copper, not refined metal. Rio Tinto reports Bingham Canyon as copper contained in concentrate. Its refined output at the Kennecott smelter and refinery is a different number and includes processing.
• Unranked, not missing. Grupo México runs the Asarco mines in Arizona, but its quarterly reports give group totals and not an Asarco tonnage, so Asarco has no rank. KGHM International (Robinson in Nevada and Carlota in Arizona) reported 52.2 kt of payable copper for 2025, but that figure also includes Sudbury Basin output in Canada before the February 2025 sale and does not split out the US mines (KGHM fourth quarter 2025 presentation), so it is unranked. Trekor had no 2025 cathode, so it is unranked until it has a full year. Privately held producers are also outside the table because they publish no production filing.

Terms used below: a concentrate is ore ground and floated into a copper-rich powder that goes to a smelter; a cathode is a nearly pure copper sheet made by leaching and electrowinning (SX/EW); grade is the share of copper in the rock; a porphyry deposit is a large, low-grade body of copper mineralisation around an intrusion, which is the main type in Arizona.

The USGS counts 26 US mines that recovered or processed copper in 2025, and 17 of them made more than 99% of mine output. Arizona supplied about 70% of the national total. Copper was also mined in Alaska, Michigan, Missouri, Montana, Nevada, New Mexico and Utah (USGS, February 2026). For a mine-by-mine view of those operations, see our page on copper mines in the United States.

Freeport-McMoRan: the largest US copper producer

Freeport (NYSE: FCX) is headquartered in Phoenix, Arizona, and manages seven US copper operations: Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. All are wholly owned except Morenci (72%). Some of the US mines also produce molybdenum, gold and silver (Freeport second-quarter 2026 results, 23 July 2026).

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Freeport US copper by mine, second quarter

Million pounds of recoverable copper; Morenci shown at Freeport’s 72% share

US production net of partners was 1,304 Mlb in 2025, 1,246 Mlb in 2024 and 1,350 Mlb in 2023 (Form 10-K). Production was 641 Mlb in the first half of 2026 against 637 Mlb a year earlier, and Freeport expects US copper sales of about 1.4 billion pounds for 2026. Its US unit net cash cost, which is the cash cost of each pound after by-product credits, was US$2.94 per pound in the second quarter of 2026, and its average realized price for US copper that quarter was US$6.25 per pound.

Mine by mine, the second quarter of 2026 was mixed. Morenci made 117 Mlb against 130 Mlb a year earlier, and Bagdad 35 Mlb against 44 Mlb, while Safford, Chino and Sierrita all rose. On 2 October 2026 Freeport said its US operations ran below plan in the third quarter because of localized flooding, power outages and strong winds (Freeport third-quarter 2026 operational update).

The growth item to watch is Bagdad. Freeport has a study to more than double the concentrator capacity, adding 200 to 250 Mlb of copper a year, and says it is finalizing work for an investment decision by the end of 2026. Capital cost estimates sit about 30% above the earlier US$3.5 billion figure, and the company says project economics hold at an incentive copper price of about US$4.00 per pound. Freeport describes Morenci as its flagship and says an expanded Bagdad would rank second among US copper mines behind it. Freeport also runs a pre-feasibility study at the Safford and Lone Star district, due to finish during 2026.

Rio Tinto and Kennecott

Rio Tinto owns 100% of Kennecott, which mines the Bingham Canyon open pit in Utah and runs its own smelter and refinery. Bingham Canyon produced 125.1 kt of copper in concentrate in 2025, against 123.4 kt in 2024, and also produced 117.8 thousand ounces of gold in concentrate (95.2 thousand in 2024) (Rio Tinto fourth quarter 2025 operations review).

The first half of 2026 was weaker. Rio Tinto reported lower Kennecott production because of less high-quality copper concentrate, mine sequencing changes, planned concentrator maintenance and a temporary shutdown after a fatality in the first quarter. A flash converting furnace at the smelter was breached in late June (Rio Tinto half-year results 2026). Rio Tinto said in its third-quarter release that the furnace rebuild was completed at the end of August, ahead of plan (Rio Tinto third-quarter 2026 production results). Spending plans include a US$1.8 billion open-pit extension, with stripping continuing through 2027, and a US$0.6 billion underground North Rim Skarn project that had first production in December 2025.

Rio Tinto also holds 55% of the Resolution Copper joint venture in Arizona, with BHP holding 45%. Resolution is covered with the other development projects below.

Grupo México and Asarco

Grupo México (BMV: GMEXICOB) owns Asarco, which operates three Arizona mines: Ray, Mission and Silver Bell (Asarco, mines). Grupo México’s reports give copper tonnage for the whole group. In its third-quarter 2026 report, dated 20 October 2026, it said group copper output fell 1.9% in the quarter to 260,322 tons, mainly on lower ore grades in Peru and at Asarco (Grupo México third quarter 2026).

The company has also published US growth studies. In its fourth-quarter 2025 report it described a Ray concentrator expansion (about US$1.8 billion, potentially adding 58,000 tons of copper a year in concentrate) and a Silver Bell concentrator (about US$1.9 billion, 65,000 tons a year), and it is evaluating reopening the Hayden smelter and the Amarillo refinery in Texas (Grupo México fourth quarter 2025). These are studies, and the company has not announced a construction decision in the reports we read.

Capstone Copper and Pinto Valley

Capstone Copper (TSX: CS; ASX: CSC) owns 100% of Pinto Valley, an open-pit copper mine in the Globe-Miami district of Arizona. The mine produced 42,382 tonnes of copper in 2025, down from 57,272 tonnes in 2024, and Capstone said drought in central Arizona limited mill throughput, alongside mill disruptions (Capstone fourth quarter 2025 results, 2 March 2026).

In the second quarter of 2026 Pinto Valley made 10,047 tonnes, in line with 10,125 tonnes a year earlier, with unplanned downtime at the mill and filter plant. Capstone scheduled a major maintenance shutdown for September to address the primary crusher and the filter plant, and it is reviewing options to consolidate the Pinto Valley district, including a mill expansion (Capstone second quarter 2026 results). Most of Capstone’s copper comes from Chile and Mexico, so Pinto Valley is one asset in a wider company.

Trekor Metals, formerly Taseko, and Florence Copper

Taseko Mines Limited changed its name to Trekor Metals Limited. Shareholders approved the change on 24 June 2026, it became legally effective on 25 June, and the shares began trading under the new name in Toronto and New York on 29 June and in London on 30 June. The tickers did not change: TSX: TKO, NYSE American: TGB and LSE: TKO (Trekor, 24 June 2026). Any list that still says Taseko is out of date.

Florence Copper is in Arizona and uses in-situ recovery: instead of digging ore, the operator injects a weak acid solution through wells into the rock, pumps the copper-bearing solution back up and makes cathode at the surface. Trekor reported 5.2 Mlb of cathode in the second quarter of 2026, the first full quarter of plant operations (Trekor, 5 August 2026). On 8 October 2026 it reported 7 Mlb for the third quarter, said the wellfield expansion is about three months behind plan, and cut its 2026 Florence expectation to 25 to 28 Mlb. It expects full production capacity in early 2027 (Trekor, 8 October 2026). Florence has a design capacity of 85 Mlb a year, about 38.6 kt. Trekor’s other copper mine, Gibraltar in British Columbia, is outside the US; our page on the Gibraltar mine covers it.

Southern Copper: a Phoenix address, no US mines

Southern Copper (NYSE: SCCO; also listed in Lima) is based in Phoenix, but its mines are in Peru and Mexico. Its annual report describes Peruvian operations in the Andes, and it adds no tonnes to US mine output (Southern Copper 2025 Form 10-K). It belongs to the Grupo México group, as Asarco does, but the two are separate operating companies. Lists of American copper stocks often include it for that reason. For the global ranking, see our page on the largest copper producers by company.

US copper stocks and what each company owns in the US

The table lists listed companies by what they own on US soil. It states ownership, listing and stage, and it is not a recommendation.

BHP holds the other 45% of Resolution. Canadian-run producers with copper elsewhere are covered in our list of Canadian copper mining stocks, and our broader copper stocks page covers more names. Neither page replaces company filings.

Projects that could add US copper: Copper World, Cactus, Santa Cruz and Resolution

Copper World (Hudbay, Arizona). Hudbay closed a joint venture with Mitsubishi in January 2026. Mitsubishi paid about US$420 million at closing and will pay US$180 million more within 18 months to complete a 30% stake. Hudbay says 95% of the engineering for the definitive feasibility study is done and that a sanctioning (go-ahead) decision is on track for late 2026. The study is expected to show higher capital cost than the 2023 pre-feasibility study (Hudbay second quarter 2026). The 2023 pre-feasibility study planned an average of 92,000 tonnes of copper a year over the first ten years of Phase I (Hudbay, 2 March 2026).

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Stated annual copper output of US projects

Thousand tonnes a year; company-stated figures from different studies; Silver Bell, Ray and Bagdad are expansion increments

Cactus (Hudbay, Arizona). Hudbay completed its acquisition of Arizona Sonoran Copper Company on 24 June 2026, and Arizona Sonoran’s shares were delisted from the Toronto exchange. Hudbay owns 100% of the Cactus project. The Cactus pre-feasibility study showed an average of 103,000 tonnes of copper a year over the first ten years, and Hudbay’s announcement framed Cactus as a staged development after Copper World (Hudbay, 2 March 2026). Hudbay produced about 125,000 tonnes of copper a year as of its 2 March 2026 announcement, from mines in Canada and Peru, not the US.

Santa Cruz (Ivanhoe Electric, Arizona). The 2026 preliminary feasibility study for the 100%-owned project near Casa Grande describes an underground mine with heap-leach processing to make cathode without smelting. It reports initial capital of US$1.43 billion, average output near 75,000 tonnes of copper a year over the first 15 years and first cathode projected in 2029 (Ivanhoe Electric, 23 September 2026). A preliminary feasibility study is a mid-stage engineering study; it is not a construction approval.

Resolution Copper (Rio Tinto 55%, BHP 45%, Arizona). Resolution is a proposed underground mine in the Copper Triangle about 60 miles east of Phoenix, planned to use a caving method (letting the ore body break up under gravity) at a depth of more than 2,000 metres. Rio Tinto says it could supply up to a quarter of national copper demand (Rio Tinto, Resolution Copper). The land exchange was completed in the first half of 2026, and on 29 September 2026 the Ninth Circuit rejected petitions to rehear the cases that challenged it (US Department of Justice, 1 October 2026). Rio Tinto’s half-year report says initial underground development has begun, and the company continues consultation with Native American Tribes. Rio Tinto lists it among its future options, so it is not a producing mine.

Each project figure comes from a different study date and basis. The chart compares the annual figures the companies state, and it is not a forecast of US output.

US copper output over time and the import gap

US mine output was an estimated 1,000 kt in 2025, down 5% from 2024 and below the 1,230 kt of 2021 and 2022. At the USGS estimate it was worth about US$11 billion, 10% above 2024 because the average price rose by more than output fell. The United States ranked sixth among copper-mining countries, behind Chile, Congo (Kinshasa), Peru, China and Russia (USGS, February 2026). Our page on the largest copper-producing countries gives the full country table.

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US copper output from ore, 2021 to 2025

Thousand tonnes; 2025 is a USGS estimate

The USGS estimates net import reliance, which is imports minus exports as a share of apparent consumption, at 57% for 2025, up from 45% in 2024. Refined copper imports rose from 903 kt in 2024 to an estimated 1,700 kt in 2025, and the USGS shows refined stocks at 450 kt at the end of 2025 against 123 kt a year earlier. Domestic mines have also exported ore and concentrate (340 kt in 2025), because the US has only two primary smelters. Smelting and refining plans, such as the Hayden evaluation and the cathode-only design at Santa Cruz, are therefore part of the supply picture alongside new pits.

Demand context is covered in our page on global copper demand, and our page on where copper is found explains why Arizona’s porphyry belt matters. Mined copper must also be turned into rod and wire before most users buy it, which our list of rod and wire rod manufacturers in Europe compares for that stage in another region.

▶ Why an electric car starts as a hole in Chile, and how much copper one vehicle needs. · 6:03

Copper price and what US output is worth

COMEX high-grade copper futures traded near US$6.53 per pound on 26 October 2026 (COMEX Live quote, 15:15 GMT; prices change through the day). The USGS gives an average COMEX price of 480 US cents per pound for 2025, against 421.6 cents for 2024 (USGS, February 2026). Freeport’s US mines realized US$6.25 per pound in the second quarter of 2026.

Revenue is only part of the picture. Net cash cost, taxes, royalties, capital spending and smelting terms all sit between revenue and profit. The calculator below turns an annual output figure, a price and a cost into revenue and a pre-tax cash margin. Use today’s price and your own cost, not the example numbers.

Name changes and deals that date older lists

US copper lists age quickly. These changes happened in 2026 and are confirmed in the company announcements cited above.

• Taseko Mines is now Trekor Metals, with the same tickers (TSX: TKO; NYSE American: TGB; LSE: TKO).
• Arizona Sonoran Copper Company no longer trades. Hudbay completed the acquisition on 24 June 2026, and the Cactus project is part of Hudbay.
• Copper World is a joint venture. Hudbay holds 70% and Mitsubishi 30%, so a Hudbay shareholder does not own the whole project.
• Resolution Copper cleared a legal step. The land exchange was completed in the first half of 2026 and the Ninth Circuit declined a rehearing on 29 September 2026, but the project is years from production.
• Florence Copper’s 2026 expectation fell from 30 to 35 Mlb in February 2026 to 25 to 28 Mlb on 8 October 2026.

What to check in a copper company report

A production table can mislead if you skip the basis. Four checks take a few minutes.

1. Units. US reports often use pounds and short tons (2,000 pounds), while Rio Tinto, Capstone and the USGS use metric tonnes. Grupo México reports “tons”, so confirm the unit before comparing.
2. Ownership basis. Check whether the number is 100% of the mine, the company’s share, or consolidated. Morenci (72%) and Copper World (70%) show why it matters.
3. Mined or refined. Copper in concentrate, cathode produced at the mine and refined metal from a smelter are different measures.
4. Cost definition. Freeport quotes unit net cash cost after by-product credits, Capstone quotes C1 cash cost, and Ivanhoe Electric quotes both C1 and all-in sustaining cost. The three are not interchangeable.

For studies, read the stage. A preliminary economic assessment or pre-feasibility study gives early cost and output ranges, a definitive feasibility study supports a construction decision, and a mine becomes a producer only after it is built and commissioned. Production dates in studies often move. Florence’s ramp-up has already moved by about three months on the wellfield, according to Trekor.

Tailings and water are part of the cost story for Arizona operations too. Our page on tailings management software covers how operators monitor storage facilities. Capstone cited drought among the causes of Pinto Valley’s 2025 shortfall, so water supply is a production risk and not only a permitting topic.

Where satellite screening fits before a copper mine exists

Mines like these began as exploration targets in the porphyry belts of Arizona and Utah. Farmonaut, a US-based satellite data company, screens a licence or claim area from space for alteration zones and structures that can help rank copper exploration targets before drilling. Delivery takes 5 to 20 business days depending on area size and the mineral. The output is an exploration target map, not a resource estimate, and it does not replace field sampling, drilling or a permit.

▶ A short look at Farmonaut Mining Pro, which turns a licence boundary into a geological and economic picture. · 4:56

Frequently asked questions

Who is the largest copper mining company in the United States?

Freeport-McMoRan. Its US mines produced 1,304 Mlb (about 591 kt) in 2025, which is roughly 59% of the USGS estimate of 1,000 kt for the country (Freeport 2025 Form 10-K; USGS, February 2026). Rio Tinto’s Kennecott (125.1 kt) is second among companies that report a US figure.

Which US copper mining companies are publicly listed?

Freeport-McMoRan (NYSE: FCX), Rio Tinto (London, Sydney and US ADRs), Grupo México (BMV: GMEXICOB), Capstone Copper (TSX: CS), Trekor Metals (TSX: TKO; NYSE American: TGB), Hudbay Minerals (TSX and NYSE: HBM) and Ivanhoe Electric (NYSE American: IE) all own US copper assets. Only the first five produce copper in the US at present. This is information, not investment advice.

How much copper does the United States mine?

The USGS estimates 1,000 kt of recoverable copper in 2025, down 5% from 1,050 kt in 2024, worth about US$11 billion. The peak in the USGS table for 2021 to 2025 is 1,230 kt in 2021 and 2022.

Which state mines the most copper?

Arizona, with about 70% of national output in 2025. Copper was also mined in Alaska, Michigan, Missouri, Montana, Nevada, New Mexico and Utah, according to the USGS.

What is the biggest copper mine in the United States?

Morenci in Arizona, which Freeport describes as its flagship mine. Freeport says a doubled Bagdad concentrator would make Bagdad the second-largest US copper mine behind Morenci. Morenci made about 0.7 billion pounds in 2025 at 100%, including partners’ share.

Is Southern Copper a US copper miner?

It is headquartered in Phoenix, but its mines are in Peru and Mexico, so it adds no US mine output. Grupo México, its parent, owns Asarco, which mines copper in Arizona.

What happened to Taseko and Arizona Sonoran?

Taseko Mines became Trekor Metals on 25 June 2026 with the same tickers. Hudbay acquired Arizona Sonoran Copper Company on 24 June 2026 and the company was delisted.

When could new US copper mines open?

Dates depend on permits, financing and construction. Hudbay targets a Copper World sanctioning decision in late 2026, Ivanhoe Electric projects first Santa Cruz cathode in 2029, and Freeport expects a Bagdad decision by the end of 2026 with three to four years to build. Resolution Copper has completed its land exchange, and Rio Tinto lists it as a future option, not a producing mine.

What is in-situ copper recovery?

It is a method that dissolves copper in place by circulating a weak acid through wells drilled into the rock, then recovers the copper from the solution at the surface. Florence Copper in Arizona uses it and makes cathode without a pit, concentrator or smelter.

Does the United States depend on copper imports?

Yes. The USGS estimates net import reliance at 57% of apparent consumption in 2025, and it estimates refined copper imports of 1,700 kt for the year.

What copper price do US producers receive?

US cathode sales are mostly priced off the COMEX monthly average. Freeport’s US mines realized US$6.25 per pound in the second quarter of 2026, and COMEX futures traded near US$6.53 per pound on 26 October 2026. Prices move daily, so check a live quote before using any number.