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

Published: Aug 3, 2025 16:37

Source: SMM

Save

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

》View SMM Copper Prices, Data, and Market Analysis

》Subscribe to View SMM Historical Spot Metal Prices

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:

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.
Collahuasi: Adjusted mining sequence, limited freshwater resources, and increased ore complexity led to lower YoY output.
Antamina: Declining copper grades (offset by higher zinc grades) and a safety-related shutdown in Q2 2025 significantly affected production.
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:

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

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).
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:

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

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.
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).
Khoemacau: Benefited from higher ore extraction volumes.

Cathode materials

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

10 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

10 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.

10 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."

10 hours ago