Infographic: Q3 results highlight challenges for major copper miners

In the third quarter of 2025, 18 of the largest 25 copper miners reported quarter-on-quarter decreases in their output, including the top four miners. The total Q3 copper production reported by the top 25 miners hit 3.72Mt.

“In the third quarter, many companies saw lower production compared to the previous quarter. However, most did not adjust their guidance, showing confidence in meeting their annual production goals,” said Ivan Llancas, a copper supply analyst at Benchmark. “On the positive side, historically the fourth quarter tends to be a period of stronger output, as mining companies typically ramp up production to reach their year-end targets.”

Amongst the most notable declines are Codelco and Freeport-McMoRan, which saw 10.2% and 5.3% Q-o-Q drops in production, respectively. Both have been affected by operational disruptions that included several fatalities and temporary suspensions of activity.

Ivanhoe’s operations also remained constrained as dewatering efforts continued, resulting in a 36.4% Q-o-Q decrease – the largest proportional drop from a top 25 miner. Hudbay faced setbacks stemming from social unrest at its Constancia site in Peru and evacuations at its Snow Lake operations in Canada due to wildfires.

Some producers posted Q-o-Q gains, the largest of which was a 36.1% increase in production posted by Glencore supported by higher grades at its KCC (DRC), Antapaccay (Peru) and Antamina (Peru) operations. Lundin’s stronger quarter (+7.4%) was driven by improved performance at Caserones, Chile while Anglo American (+5.9%) benefited from higher milling rates and better ore grades at Quellaveco, Peru.

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