Overview of Q2 2025 Copper Production from the World’s Top 13 Mining Companies [SMM Analysis]

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According to the Q2 2025 reports released by some major mining companies, the combined copper output of these 13 firms in Q2 2025 totaled 2.642 million tonnes, a year-on-year (YoY) decrease of 0.76% but a quarter-on-quarter (QoQ) increase of 3.98%. In the first half of 2025, their total copper production reached 5.184 million tonnes, marking a cumulative YoY decline of 1.19%, equivalent to a reduction of 62,000 tonnes of copper metal.

Glencore

• Q2 2025 copper production: 176,000 tonnes, down 21% YoY but up 4.8% QoQ.

• H1 2025 copper production: 344,000 tonnes, a cumulative YoY decrease of 25.7% (reduction of 119,000 tonnes).

• 2025 production guidance revised from 850,000–910,000 tonnes to 850,000–890,000 tonnes.

Reasons for decline:

1. Lower grades and recovery rates at KCC: Mining sequencing relied more on low-grade stockpiles, while underground operations were constrained by equipment and labor shortages. Processing was further impacted by coarse ore stockpiles, plant shutdowns, and power outages.

2. Collahuasi: Adjusted mining sequence, limited freshwater resources, and increased ore complexity led to lower YoY output.

3. Antamina: Declining copper grades (offset by higher zinc grades) and a safety-related shutdown in Q2 2025 significantly affected production.

4. Antapaccay: Higher planned stripping ratio due to mining sequence adjustments.

First Quantum

• Q2 2025 copper production: 91,000 tonnes, down 11.3% YoY and 8.7% QoQ.

• H1 2025 copper production: 191,000 tonnes, a cumulative YoY decrease of 6.35% (reduction of 13,000 tonnes).

Reasons for decline:

1. Lower flotation grades at Kansanshi (S3 expansion project expected to commence production in H2 2025).

2. Reduced ore grades at Sentinel.

Update on Panama Copper Project:

• On May 30, 2025, the Panamanian government approved the Protection and Safety Management Plan (P&SM), allowing full-scale safety and environmental measures at the mine site.

• The first dry bulk shipment departed in June 2025, followed by the second and third shipments in July 2025. The final shipment is expected soon.

• The thermal power plant is scheduled to restart in Q4 2025.

Anglo American

• Q2 2025 copper production: 173,000 tonnes, down 11.7% YoY but up 2.4% QoQ.

• H1 2025 copper production: 342,000 tonnes, a cumulative YoY decrease of 13.2% (reduction of 52,000 tonnes).

Reasons for decline:

1. Los Bronces concentrator has been under maintenance since July 2024, with planned reductions in ore processing. Current mining faces low-grade, high-hardness ore (the Donoso 2 project, which offers higher-grade and easier-to-process ore, is progressing well and is expected to be fully operational by early 2027).

2. Collahuasi is grappling with lower ore grades, temporary water supply constraints, and reduced recovery rates due to processing low-grade stockpiles. (A new desalination facility began supplying ultra-filtered seawater in early July 2025, with capacity expected to ramp up in H2 2025. Full operation is anticipated by mid-2026.)

Rio Tinto

• Q2 2025 copper production: 228,000 tonnes, up 14.6% YoY and 8.8% QoQ.

• H1 2025 copper production: 438,000 tonnes, a cumulative YoY increase of 15.5% (growth of 59,000 tonnes).

Reasons for growth:

1. Oyu Tolgoi underground mine ramping up, with 2025 copper output expected to rise over 50%.

2. Higher ore grades and recovery rates at Escondida.

   • Note: Kennecott saw lower refined output due to reduced ore supply, compounded by geotechnical challenges in the south pit wall.

MMG

• Q2 2025 copper production: 140,000 tonnes, up 54.3% YoY and 19.0% QoQ.

• H1 2025 copper production: 258,000 tonnes, a cumulative YoY increase of 63.4% (growth of 100,000 tonnes).

Reasons for growth:

1. Las Bambas: Ore grades improved to 0.94% with a 91.3% recovery rate, producing 114,909 tonnes of copper concentrate—the second-highest quarterly output on record.

2. Kinsevere sulfide plant: Achieved >75% copper recovery and 88% calcination conversion rate in June, boosting Q2 cathode copper output to 13,735 tonnes (up 19% YoY).

3. Khoemacau: Benefited from higher ore extraction volumes.