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

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.