The production output of the top 15 mining enterprises in Q1 has been released, and the supply of copper concentrate is not optimistic [SMM Analysis]

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The copper production of the top 15 mining enterprises in the first quarter of 2025 has been released. According to SMM statistics, the copper production of the top 15 mining enterprises in the first quarter was 2,967 kt, a year-on-year decrease of 0.8% and a month-on-month decrease of 12.8%. However, judging from the production data in the first quarter, the raw material supply this year seems not optimistic.

Freeport-McMoRan
The copper production of Freeport-McMoRan in the first quarter of 2025 was 394 kt, a year-on-year decrease of 20% and a month-on-month decrease of 16.6%. Although the year-on-year and month-on-month decreases are relatively large, it is still higher than the expected 385.55 kt in January 2025, mainly due to the planned maintenance of smelters in Indonesia.

Codelco
The copper production of Codelco in the first quarter of 2025 was 324 kt, a year-on-year increase of 1.6% and a month-on-month decrease of 28.6%. In the first quarter of 2025, Codelco faced the challenges of the plateau winter climate and the nationwide power outage in Chile, which is very unfavorable to the continuity of production operations.

Glencore
The copper production of Glencore in the first quarter of 2025 was 168 kt, a year-on-year decrease of 30% and a month-on-month decrease of 31.9%. The ore mining efficiency, grade of raw ore and overall recovery rate of Collahuasi, Antapaccay and KCC copper mines under Glencore have decreased.

Anglo American
The copper production of Anglo American in the first quarter of 2025 was 169 kt, a year-on-year decrease of 14.7% and a month-on-month decrease of 14.7%. The excessive decrease in the copper production of Anglo American's mines in Chile offset the increased copper production of its mines in Peru due to the improvement of copper grade.

Antofagasta
The copper production of Antofagasta in the first quarter of 2025 was 155 kt, a year-on-year increase of 19.6% and a month-on-month decrease of 22.8%. The year-on-year increase was mainly due to the maintenance of the mine pipeline of Los Pelambres copper mine in the first quarter of 2024 and the increase in the production of copper concentrate at Centinela. The month-on-month decrease was due to the impact of the nationwide power outage in Chile on the processing efficiency of Antofagasta's mines.

MMG
The copper production of MMG in the first quarter of 2025 was 118 kt, a year-on-year increase of 75.9% and a month-on-month decrease of 7.2%. Las Bambas maintained stable operations in both the Ferrobamba and Chalcobamba pits. In the first quarter, the ore milling grade increased to 0.88%, and the copper recovery rate increased to 88.1%. The production of Khoemacau benefited from the improvement of ore grade.

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