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]

Published: May 9, 2025 09:46

Source: SMM

Save

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

》View SMM Copper Prices, Data, and Market Analysis

》Subscribe to View SMM Historical Spot Metal Prices

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.

》Click to View the SMM Copper Industry Chain Database

Cathode materials Inventory

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

15 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

15 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

15 hours ago