Although most copper is still sourced from mining – around 25% comes from Chile alone – a growing share of global copper demand (about 30%) is met through recycling. This is becoming increasingly important, as global copper demand is expected to grow from 28 million tonnes today to 42 million by 2040 (S&P Global).
Whether mined or recycled, most copper is refined to achieve high chemical purity. Once refined, copper is chemically indistinguishable, whether it came from ore or scrap. Most refining takes place in Asia, with China producing more than 40% of the world’s refined copper. This geographical concentration is a major reason copper is viewed as a strategically critical raw material of economic significance.