[SMM Analysis] Overview of Q4 Copper Production of Global Top 20 Miners & 2026 Production Guidance

Published: Feb 27, 2026 17:50

Save

[SMM Analysis:Overview of Q4 Copper Production of the Top 20 Global Mining Companies in 2025] According to SMM statistics, copper production by the world's top 20 mining companies in the fourth quarter of 2025 stood at 3,526 kt, a 2.1% increase quarter-on-quarter but a 10.5% decrease year-on-year.

According to SMM statistics, copper production by the world's top 20 mining companies in the fourth quarter of 2025 stood at 3,526 kt, a 2.1% increase quarter-on-quarter but a 10.5% decrease year-on-year.

Freeport-McMoRan
In Q4 2025, Freeport-McMoRan's copper production was 290.3 kt, a decrease of 29.8% quarter-on-quarter and 38.5% year-on-year, primarily due to the impact of the Grasberg slurry spill incident in September 2025 on PTFI's operations. Freeport-McMoRan's copper production target for 2026 is 1,361 kt.

Glencore
In Q4 2025, Glencore's copper production was 268.1 kt, an increase of 11.9% quarter-on-quarter and 8.8% year-on-year. This was mainly attributed to expected grade improvements at KCC, Antamina, and Antapaccay. Glencore's copper production target for 2026 is 810-870 kt.

Anglo American
In Q4 2025, Anglo American's copper production was 268.1 kt, a decrease of 7.6% quarter-on-quarter and 14.1% year-on-year, mainly due to lower copper grades at Quellaveco and Collahuasi. Anglo American's copper production target for 2026 is 700-760 kt.

Rio Tinto
In Q4 2025, Rio Tinto's copper production was 240 kt, an increase of 17.6% quarter-on-quarter and 5.3% year-on-year. This was primarily because Kennecott recovered from the concentrator shutdown maintenance in September and the 45-day smelter maintenance in the fourth quarter. Additionally, increased copper ore processing volume and higher grades at the concentrator boosted Kennecott's copper output. Meanwhile, Oyu Tolgoi not only recovered from its September concentrator maintenance but also saw production growth driven by continued output increases from the underground mine, improved feed grades, and higher recovery rates. Rio Tinto's copper production target for 2026 is 455-530 kt.

Teck Resources
In Q4 2025, Teck Resources' copper production was 134.9 kt, an increase of 29.6% quarter-on-quarter and 10.5% year-on-year. This was mainly due to higher throughput and grades at the HVC copper mine, improved grades at the Antamina copper mine, and increased throughput at the Carmen de Andacollo mine. Teck Resources' copper production target for 2026 is 455-530 kt.

Cathode materials Market review

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 for 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

3 hours ago

Yihao New Materials Reports 50.85% YoY Net Loss Increase, HVLP Copper Foil in Testing Phase

[Yihao New Materials: 2025 Net Loss of RMB 58.6219 Million Widened 50.85% YoY, HVLP Copper Foil Still in Sample Testing Stage] Yihao New Materials announced that the cumulative deviation in its closing price increase over the two consecutive trading days on June 15 and June 16, 2026, reached 30%, constituting abnormal fluctuation in stock trading. After self-inspection, the company stated that previously disclosed information requires no correction or supplement; there have been no significant changes in recent production and operations or in the internal and external business environment; the controlling shareholder and actual controller have no undisclosed matters that should have been disclosed, and did not trade the company’s shares during the fluctuation period. The company warned of risks, noting that its net loss attributable to shareholders of the listed company for 2025 was RMB 58.6219 million, a loss that widened by 50.85% YoY compared to 2024, and its overall performance was weaker than the industry average. The certification progress for its HVLP copper foil is slower than some of its peers; it is currently in the sample testing, analysis, and certification stage and has not yet generated revenue. In addition, the second-phase 5,500-mt production line of the “High-Precision Electrolytic Copper Foil Project with an Annual Capacity of 10,000 mt” raised investment project is advancing equipment installation and commissioning, and the commissioning time is subject to uncertainty.

3 hours ago

Yunnan Energy to Invest in 25 MW Mugua Ping Wind Farm Project, Expected Completion in 10 Months

[Yunnan Energy Investment: Company Plans to Invest in the Mugua Ping Wind Farm Project] Yunnan Energy Investment announced that its controlling shareholder, Yunnan Energy Group, was the bid winner for the Fuyuan County Mugua Ping Wind Farm Project under Yunnan Province's third batch of new energy projects in 2025. In accordance with Yunnan Energy Group's overall strategy and the relevant requirements for the development and construction of Yunnan Province's third batch of new energy projects in 2025, the company will actively proceed with the construction of the Fuyuan County Mugua Ping Wind Farm Project. The project is expected to have a total installed capacity of 25 MW and a total construction period of 10 months.

3 hours ago

China's Household Appliance Exports Rise 4.1% in Jan-May 2026, Reaching $42.785B

According to the General Administration of Customs statistics flash, from January to May 2026, China's household appliance exports reached 1.917549 billion units, up 4.1% YoY from 1.842568 billion units in the same period last year; export value was $42.785 billion, up 4.3% YoY from $41.017 billion. In May alone, household appliance exports stood at 419.892 million units; export value was $8.982 billion, up 9.5% YoY.

3 hours ago