Antofagasta: Q3 Copper Production Reached 161,800 mt, Up 1% QoQ
On Thursday, October 23, Antofagasta announced that its Q3 2025 copper production was 161,800 mt, up 1% QoQ, with full-year copper production expected at the low-end of the guidance range of 660,000–700,000 mt.
Freeport-McMoRan's Q3 Copper and Gold Production Declined YoY
On Thursday, October 23, Freeport-McMoRan reported that Q3 copper and gold production decreased YoY, while profits exceeded Wall Street expectations, as rising copper prices helped offset the impact of lower output following the suspension of operations at the Grasberg copper mine in Indonesia.
The quarterly average realized copper price was $4.68 per pound, compared to $4.3 per pound in the same period last year.
In Q3, Freeport's copper production was 912 million pounds, down from 1.1 billion pounds in the same period last year. The decrease of approximately 90 million pounds was attributed to the temporary suspension of operations following a mudslide incident at PTFI in September 2025 and lower ore grades in Indonesia.
On September 8, approximately 800,000 mt of wet material inundated the Grasberg mine area, leading to a nearly one-month shutdown. Subsequently, Freeport-McMoRan warned that integrated copper and gold sales would decline in Q3.
The severe mudslide trapped seven workers underground, and the company confirmed earlier this month that all seven had died.
Q3 2025 copper sales were 977 million pounds, slightly below the guidance target of 990 million pounds announced in July 2025 and lower than the 1 billion pounds recorded in Q3 2024.
In Q3 2025, Freeport's gold production was 287,000 ounces, down from 456,000 ounces in the same period last year. The decrease of approximately 80,000 ounces was due to the temporary suspension of operations following the mudslide at PTFI in September 2025 and lower ore grades in Indonesia.
Q3 gold sales were 336,000 ounces, down 4% from the guidance target of 3.35 million ounces announced in July 2025 and lower than the 558,000 ounces recorded in Q3 2024.
Angola's First Large-Scale Copper Mine to Begin Production Soon
On Wednesday, October 22, Angola's Minister of Mines, Diamantino Azevedo, stated that the country's first large-scale copper mine, Tetelo, will soon commence production. This initiative is part of the oil-rich African nation's efforts to diversify into clean energy minerals.
The $250 million copper mine is projected to produce 25,000 mt of copper concentrates annually during its first two years of operation. The initial phase will involve open-pit mining, followed by underground mining starting in H2 2026.
Azevedo announced at a mining conference in the capital, Luanda, "I am honored to declare that the Tetelo mine will begin operations in a matter of days."
He added, "This event will mark the commencement of production at the first underground mine for this critically important metal."
Ivanhoe Mines and Anglo American also have copper exploration projects in Angola.
In addition to battery metals such as lithium, cobalt, and nickel, copper is considered essential for the transition to renewable energy.
Please note that this news is sourced from wenhua.com and translated by SMM.
Original source: https://m-q-news.wenhua.com.cn/newshare/#/share/20251023000470?ver=7.4.1
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