Q1 Production of Top 15 Miners Released, Copper Concentrates Supply Not Looking Optimistic [SMM Analysis]

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       The copper production of the top 15 miners in Q1 2025 has been released. According to SMM statistics, the copper production of the top 15 miners in Q1 was 2,967 thousand mt (metal content), down 0.8% YoY and down 12.8% QoQ. However, based on the production data in Q1, the raw material supply this year does not seem optimistic.

       Freeport-McMoRan

       In Q1 2025, Freeport-McMoRan's copper production was 394 thousand mt (metal content), down 20% YoY and down 16.6% QoQ. Despite the significant YoY and QoQ declines, it was still higher than the projected 385.55 thousand mt (metal content) in January 2025, mainly due to planned maintenance at smelters in Indonesia.

       Codelco

       In Q1 2025, Codelco's copper production was 324 thousand mt (metal content), up 1.6% YoY and down 28.6% QoQ. In Q1 2025, Codelco faced challenges from high-altitude winter weather and nationwide power outages in Chile, which were highly detrimental to the continuity of production operations.

       Glencore

       In Q1 2025, Glencore's copper production was 168 thousand mt (metal content), down 30% YoY and down 31.9% QoQ. The ore mining efficiency, raw ore grade, and overall recovery rate at Glencore's Collahuasi, Antapaccay, and KCC copper mines declined.

       Anglo American

       In Q1 2025, Anglo American's copper production was 169 thousand mt (metal content), down 14.7% YoY and down 14.7% QoQ. The significant decline in copper production at Anglo American's Chilean mines offset the increase in copper production at its Peruvian mines due to improved copper grades.

       Antofagasta

       In Q1 2025, Antofagasta's copper production was 155 thousand mt (metal content), up 19.6% YoY and down 22.8% QoQ. The YoY increase was mainly due to mine pipeline maintenance at the Los Pelambres copper mine in Q1 2024 and increased copper concentrate production at Centinela. The QoQ decline was due to the impact of nationwide power outages in Chile on the processing efficiency of Antofagasta's mines.

       MMG

       In Q1 2025, MMG's copper production was 118 thousand mt (metal content), up 75.9% YoY and down 7.2% QoQ. Las Bambas maintained stable operations at both the Ferrobamba and Chalcobamba pits. In Q1, the ore milling grade increased to 0.88%, and the copper recovery rate increased to 88.1%. Khoemacau's production benefited from improved ore grades.

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