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[SMM summary] Summary of the second quarterly report of large overseas copper mining enterprises (continuously updated)
Jul 30,2020 18:07CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

According to the quarterly results released by major overseas mining companies, global copper production was not significantly affected by the epidemic in the first quarter, with only a slight decline, but most mining companies have lowered their production guidelines for 2020. Up to now, most overseas mining companies have issued semi-annual reports, and the impact of overseas epidemic on the output of mining enterprises is mainly reflected in the second quarter, so the output in the second quarter has attracted much attention from the market. As of today, according to SMM statistics, the output of most copper enterprises declined to varying degrees in the second quarter compared with the same period last year. The production status of large mining companies that have announced their output in the second quarter is as follows:

Rio Tinto:

Rio Tinto recently released its second-quarter results. Overall, Rio Tinto achieved strong production results despite the outbreak and the earthquake in the Kennecott copper mine in the US. In terms of copper equivalent, the production of all products increased by 1% compared with the second quarter of 2019. Mine copper production fell 3 per cent to 132800 tonnes from a year earlier.

Rio Tinto's capital expenditure has soared despite the epidemic, but the company's copper equivalent and iron ore shipments are still growing.

                                                                               

Vale:

Vale's production and sales report for the second quarter of 2020 showed that copper production in the second quarter of 2020 was 84500 tons, down from previous quarters, mainly due to the impact of the COVID-19 epidemic. Copper production in the first half of 2020 will be 179000 tons, and the full year will also reach a planned target of 360000 to 380000 tons, and with the end of the rainy season in Brazil and the resumption of production at the (Voisey's Bay) mine in Vois Bay, the South Atlantic system is expected to achieve stronger operating results in the second half of the year.

Vale: copper production fell in the second quarter, iron ore and nickel production increased

 

Anglo American Resources:

Anglo American produced a total of 166800 tons of copper in the second quarter, up 5 per cent from a year earlier, according to Anglo American's second-quarter production report. Although the Los Bronces copper mine was affected by water shortage and its production was lower than expected, the performance of the Collahuasi copper mine was strong. During the reporting period, Los Bronces copper production fell 12 per cent year-on-year to 80700 tonnes, including 9900 tonnes of cathode copper; Collahuasi copper production increased 38 per cent year-on-year to 75700 tonnes (Anglo American has a 44 per cent stake in the mine.), EI Soldado copper production fell 21 per cent year-on-year to 10400 tonnes, mainly due to lower copper grade. The annual copper production target is 62-670000 tons, which still depends on the availability of water resources and the development trend of the epidemic.

Copper production of Anglo American increased 5% to 166800 tons in the second quarter compared with the same period last year.

 

Southern Copper Industry:

Second-quarter results were released on Tuesday. During the reporting period, the company's copper production fell 1.3 per cent to 253097 tonnes from a year earlier, mainly due to a decline in the copper grade of Buenavista. At the same time, the production of Cuajone copper mine has increased significantly, mainly due to the improvement of ore grade and recovery. In the first half of 2020, copper production in the southern copper industry rose 2.1 per cent year-on-year to 495064 tons.

Copper production in Southern Copper fell 1.3% in the second quarter compared with the same period last year.

 

Lunding Mining:

Lunding Mining (Lundin Mining) second-quarter results show that during the reporting period, the company's copper production totaled 65285 tons, an increase of 37% over the same period last year, compared with 47685 tons in the same period last year. In 2020, Lunding Mining plans to produce 25.1-274000 tons of copper, of which, due to the reduction of raw ore production of the Candelaria mine, the target of copper production of the mine in 2020 has been lowered to 14.5-155000 tons, with a C1 cost of 1.35 US dollars / lb unchanged.

Copper output of Lunding Mining Company increased by 37% in the second quarter compared with the same period last year. Lead and zinc production declined year on year.

 

The first quantum:

First Quantum's second-quarter results and production report showed that during the reporting period, the company produced 169059 tons of copper, roughly the same as the same period last year, compared with 168399 tons in the same period last year, while copper sales increased slightly to 159944 tons, up slightly from 149333 tons in the same period last year.

Copper production in the first quantum second quarter was basically the same as that in the same period last year, gold production fell 8.4% year on year.

 

Free port:

Freeport copper production fell 1.2 per cent year-on-year to 767 million pounds during the reporting period, while gold production rose 19 per cent year-on-year to 191000 ounces, according to second-quarter results from Freeport McMoran (Freeport McMoRan), the world's largest copper producer. The company said underground mining at Ggrasberg continued as planned and that the copper mine was now shifting from open-pit mining to underground mining.

Copper production in Freeport McMoran fell 1.2% in the second quarter compared with the same period last year. Gold production increased by 19% year on year.

 

Tektronix Resources:

Tektronix Resources' second-quarter report showed that during the reporting period, the company's copper production totaled 59000 tons, down 23% from a year earlier, compared with 77000 tons in the same period last year. In the first half of 2020, Tektronix's copper production totaled 130000 tons, down 11.6 percent from a year earlier, compared with 147000 tons in the same period last year.

Tektronix Resources' copper production fell 23% in the second quarter compared with the same period last year, and profits plunged by more than 82

 

BHP Billiton:

BHP Billiton produced a total of 414000 tonnes of copper during the reporting period, down 7 per cent from a year earlier and 3 per cent from a month earlier, according to BHP's second-quarter production report. Copper production at Escondida Mine (57.5% owned by BHP) was 294000 tons in the second quarter, up 2% from a year earlier. Second-quarter copper production at BHP Norte Mine was 55000 tons, down 26% from a year earlier. Second-quarter copper production at BHP Olympic Dam Mine was 48000 tons, up 5% from a year earlier. Second-quarter copper production at Antamina Mine (33.75% owned by Antamina) was 18000 tons, down 52% from a year earlier. In fiscal year 2020, BHP Billiton produced a total of 1.724 million tonnes of copper, up 2 per cent from a year earlier. In fiscal year 2021, BHP Billiton aims to produce 14.8-1.645 million tons of copper.

Note: BHP Billiton's fiscal year 2020 begins in July 2019 and ends in June 2020.

BHP Billiton's copper production in the second quarter is 7% lower than that of the same period last year. 2021 copper production target of 148t-1.645 million tons

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