Copper
April 10, 2025
2 min
Copper
The latest Q4 numbers are in. In this graphic and article, we take a look at the companies that produced the most copper in the final quarter of 2024 — and how their performance stacked up against the same period last year.
BHP Takes the Lead
BHP topped the list with 510,700 tonnes of copper produced in Q4, marking a 16.8% increase compared to the same quarter in 2023. The boost came largely from its flagship Escondida mine in Chile, where higher ore grades drove production growth as richer zones were accessed according to plan.
Freeport-McMoRan secured the second spot with 472,189 tonnes of copper produced in Q4 2024 — a slight decline of 4.9% compared to the same period last year.
Codelco ranked third for the quarter, delivering 340,000 tonnes. This marked a 5.0% decrease year-over-year.
Strongest Year-over-Year Increases
- Ivanhoe Mines recorded a 45.1% increase, producing 133,819 tonnes. The jump was driven by the ramp-up of its Phase 3 concentrator at the Kamoa-Kakula complex in the DRC, which reached (and even exceeded) design capacity during the quarter.
- MMG reported 116,643 tonnes, up 43.6% YoY. This was supported by new output from the Khoemacau mine, acquired earlier in 2024, and a strong quarter at Las Bambas, which benefited from access to the Chalcobamba pit and stable operations.
- Rio Tinto produced 202,000 tonnes, a 26.3% increase compared to Q4 2023. Gains came from the continued ramp-up of the Oyu Tolgoi underground mine in Mongolia, alongside improved grades at Escondida.
Declines to Note
- First Quantum Minerals saw production fall 30.1% YoY to 112,000 tonnes, largely due to the suspension of its Cobre Panama mine, which contributed zero output this quarter versus 63,000 tonnes in Q4 last year.
- Anglo American reported a 13.9% decline, producing 198,000 tonnes. The drop stemmed from planned changes in Chile, including the closure of a smaller plant at Los Bronces and lower expected grades at Collahuasi.
Source: Company Reports
Disclaimer: The production figures and analysis presented in this article are based on publicly available company reports and data pertaining to the fourth quarter (Q4) of 2024, with comparisons made to Q4 2023. Explanations for production changes are derived from company statements and operational reviews available as of April 2025. While efforts have been made to ensure accuracy, this information is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and consult with a qualified financial advisor before making 1 investment decisions. Data is subject to revision by the reporting companies.
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