In this graphic and article, we analyze copper production by the world's largest producers in Q3 2024, comparing the results to the same period in 2023. Discover how production levels have shifted and the factors driving these changes. While production for the largest producers remained relatively stable, several smaller companies experienced significant changes.
Significant Increases in Production:
CMOC saw a 46.4% increase in production, reaching 162,261 tonnes. This growth was primarily driven by the expansion and optimization of their mining operations in the Democratic Republic of Congo (DRC).
Teck Resources reported a significant 59.68% increase in production, reaching 115,000 tonnes. The increase was fueled by the continued ramp-up at its QB2 project in Chile, contributing to strong output gains.
MMG also performed well with a production increase of 21.9%, reaching 114,665 tonnes. The growth was largely driven by higher ore grades and operational improvements at Las Bambas, which achieved its best quarterly output since 2021. Additionally, the ramp-up of the Kinsevere Expansion Project contributed to the strong performance.
Significant Decreases in Production:
First Quantum experienced a sharp 47.8% decline in production, falling to 116,088 tonnes. This was mainly due to the suspension of operations at the Cobre Panama mine, following a legal dispute between the mine's operator, First Quantum Minerals, and the Panamanian government.
Anglo American also saw a decrease in production, dropping 13.4% to 181,000 tonnes. The decline was primarily the result of the planned closure of the smaller and more costly Los Bronces plant in Chile. This strategic decision aimed to enhance operational efficiency and reduce costs. However, the company anticipates an increase in production at its Quellaveco mine in Peru in the fourth quarter, as ore grades and recoveries improve.
Company | Tonnes Cu Q3 2024 | YoY Change |
Freeport-McMoRan | 476,725 | -3.13% |
BHP Group | 476,300 | 4.22% |
Codelco | 338,000 | 1.52% |
Zijin Mining | 270,900 | 3.40% |
Southern Copper | 252,219 | 11.10% |
Glencore | 242,600 | -2.10% |
KGHM Polska | 186,200 | 5.58% |
Anglo American | 181,000 | -13.40% |
Antofagasta PLC | 179,000 | 15.36% |
Rio Tinto | 167,800 | 0.71% |
CMOC | 162,261 | 46.38% |
First Quantum Minerals | 116,088 | -47.80% |
Teck Resources | 115,000 | 59.68% |
MMG | 114,665 | 21.90% |
Nornickel | 107,497 | 6.38% |
Lundin Mining | 99,855 | 10.98% |
Source: Company Reports