Net profit for the first three quarters of gold and molybdenum shares rose 87% to 101% compared with the same period last year

Peru’s Central Reserve Bank reported that the country’s molybdenum export volume rose 75.3% year on year in July 2026, in line with higher production. The increase points to stronger outbound shipments that month. Export volume and mine production are different measures, however, and one month’s shipments do not establish the outlook for future output or global supply.

Cochilco’s latest bulletin shows Chilean mine molybdenum output at 2,973.8 tonnes in July 2026, down 6.6% MoM and 28.9% YoY. Jan–Jul output fell 11.3% YoY to 21,811.0 tonnes. Codelco produced 1,075.4 tonnes in July, down 31.3%, while the Los Pelambres mine produced 645.1 tonnes, down 31.6%. SMM calculates that the two producers accounted for about 65% of the country’s YoY decline. The July contraction widened from the 7.7% H1 decline, indicating weaker Chilean supply at the start of Q3. Figures are provisional.

SMM learned that overseas mine production cuts, extreme weather in South America, and declining ore grades and recovery rates were intensively discussed during a recent industry association meeting. These concerns strengthened expectations of tighter overseas molybdenum supply, stimulated some buying and pushed molybdenum oxide prices to around $34/lb Mo. Supply-side expectations continue to support prices, while some mine production, grade and recovery issues may not improve materially until around 2028. China’s market also remains firm, but elevated prices are discouraging chasing. Well-funded buyers, low-inventory users and producers with firm orders continue to purchase as needed, while processors mainly restock to maintain production.