Q3 Copper Production of the World's Top 15 Miners Up 3.0% QoQ [SMM Analysis]

The Q3 production reports of miners for 2024 have been released successively. According to SMM statistics, the Q3 copper production of the world's top 15 miners was 3.116 million mt in metal content, up 3.0% QoQ (92,000 mt in metal content), and down 0.6% YoY.

In terms of QoQ increase in Q3 copper production:

Antofagasta's Q3 copper production was 179,000 mt in metal content, up 24,000 mt in metal content QoQ, and up 3.1% YoY, mainly due to the completion of the first phase of the Los Pelambres expansion project, achieving a 31% YoY increase in Los Pelambres ore throughput in the first nine months of 2024. Additionally, Centinela's copper grade and recovery rate both improved. MMG's Q3 copper production was 115,000 mt in metal content, up 24,000 mt in metal content QoQ, and up 22.0% YoY, mainly due to the commencement of mining at the Chalcobamba and Ferrobamba sections of Las Bambas, which are currently in the early stages of operation. Furthermore, the increase in mining and processing volumes at the Khoemacau copper mine, along with improved ore grades, contributed to the rise in MMG's copper production. Lundin Mining's Q3 copper production was 100,000 mt in metal content, up 20,000 mt in metal content QoQ, and up 25% YoY. The increased grade at the Candelaria copper concentrate's Eleventh section and the increased flotation processing volume at the Chapada copper mine contributed to the rise in Lundin Mining's copper production. Glencore's Q3 copper production was 243,000 mt in metal content, up 20,000 mt in metal content QoQ, and down 2.2% YoY. The increase in Glencore's Q3 copper production was mainly due to the recovery of Antapaccay after natural disasters in H1, the improved grade at the Collahuasi copper mine in Chile, and the increased production levels in the DRC.

In terms of QoQ decrease in Q3 copper production:

BHP's Q3 copper production was 476,000 mt in metal content, down 29,000 mt in metal content QoQ, and up 4.2% YoY, mainly due to the planned grade decline and equipment maintenance at the Pampa Norte copper mine, the Crusher 2 at Carrapateena not yet being put into use, the planned maintenance of the crane and underground material handling system at Olympic Dam, and the planned overhaul of the refinery. Anglo American's Q3 copper production was 181,000 mt in metal content, down 15,000 mt in metal content QoQ, and down 13.4% YoY.