Copper
May 30, 2025
3 min
Copper
The copper production numbers for the first quarter of 2025 are in. In this article, we take a closer look at the top producers, standout performances, and year-over-year trends shaping the global copper industry.
Top 3 by Output
- BHP kicked off Q1 2025 with a commanding performance, leading the pack in copper output with 513,200 metric tons—a robust 10.15% increase from Q1 2024. The core of BHP's growth stemmed from its flagship Escondida mine in Chile. Escondida saw a 20% increase in output, driven by higher ore grades (up to 1.05% from 0.85% in Q1 FY24) and improved concentrator throughput. This efficiency was further bolstered by advanced operational refinements and technological investments across their portfolio, including AI-driven systems at Olympic Dam and enhanced bioleaching.
- Freeport-McMoRan recorded a 20.00% drop in copper production in Q1 2025 compared to Q1 2024, yielding 393,718 tonnes. This decline was primarily driven by lower average ore grades, particularly at their Grasberg complex in Indonesia, as the mine navigated expected transitional phases. While a temporary operational adjustment, this reduced the amount of copper extracted per tonne of ore. Despite the dip, Freeport-McMoRan remains a significant global producer, managing these fluctuations as part of their long-term mine plans.
- Codelco, Chile’s state-owned mining giant, secured third place with 324,000 tonnes, posting a modest 1.57% increase.
Biggest Year-on-Year Increases
- MMG's copper production surged by a remarkable 76% in Q1 2025 compared to Q1 2024, reaching 118,213 tonnes. This significant increase was primarily fueled by strong operational performance at its key assets: improved ore grades and recovery rates at the Las Bambas mine, the successful ramp-up of the sulphide circuit at Kinsevere, and a full quarter of production from the recently acquired Khoemacau asset.
- Ivanhoe Mines surged by 54.43%, reaching 133,120 tonnes, a significant increase from Q1 2024. This was primarily driven by the successful ramp-up of the Phase 3 concentrator at its Kamoa-Kakula Copper Complex in the Democratic Republic of Congo. Record ore milled volumes (3.72 million tonnes) and improved power availability allowed for sustained higher operational rates, significantly boosting their copper output.
- Rio Tinto delivered a strong 34.62% growth, totaling 210,000 tonnes. This was primarily due to the continued ramp-up and increased throughput at its Oyu Tolgoi underground mine in Mongolia, alongside higher grades and improved recovery rates at Kennecott in the USA.
Largest Year-on-Year Declines
Some major players faced headwinds and saw production fall:
- Glencore suffered the largest drop at -29.95%, primarily due to lower ore mining rates, head grades, and overall recoveries at key operations like Collahuasi, Antapaccay, and KCC. This aligns with their expectation that Q1 would be the weakest quarter for copper output, with a stronger performance anticipated in the latter half of the year.
- Anglo American saw a -14.70% decrease in copper production in Q1 2025 compared to Q1 2024. This was primarily due to planned lower output in their Chilean operations, specifically at Collahuasi, which is in a transition phase with lower grades expected in the first half of the year. This decrease was partially offset by higher grades and strong operational performance from their Peruvian operations, particularly Quellaveco and Los Bronces.
Source: Data compiled from various company reports and industry sources
This infographic is for informational purposes only and should not be considered financial or investment advice. Readers are encouraged to consult official company reports and independent financial advisors for comprehensive and up-to-date information.
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