Anglo American produces 772,700 tonnes of copper in 2024
Anglo American its total copper production for 2024 was 772,700 tonnes, towards the top-end of our guidance range. Total production of 197,500 tonnes during the fourth quarter reflects the reconfiguration of the Los Bronces mine and anticipated lower grades at Collahuasi. Copper production shown on a contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper production from the Platinum Group Metals business).
Chile – Despite the fourth quarter production being impacted by the planned shut down of the Los Bronces plant, which was put on care and maintenance in July 2024, and anticipated lower grades at Collahuasi, which resulted in a 21% decrease year-on-year to 107,300 tonnes, production for the full year of 466,400 tonnes was higher than market guidance of 430,000-460,000 tonnes.
At Collahuasi, Anglo American’s attributable share of copper production decreased by 22% to 56,100 tonnes, due to anticipated lower ore grades as well as lower copper recovery. As the mine transitions between different phases, the processing of lower grade stockpiles is expected to continue into 2025.
Production from Los Bronces decreased by 32% to 38,700 tonnes, due to placing the smaller and more costly Los Bronces plant (c.40% of total plant capacity) on care and maintenance, as planned and previously reported, at the end of July 2024.
The ongoing characteristics of lower grade and ore hardness as a result of the current mine phase will continue to impact operations until the next phase of the mine, where grades are expected to be higher and the ore softer. As previously stated, development work for this phase is under way and is expected to benefit production from 2027.
Production from El Soldado increased by 71% to 12,500 tonnes, reflecting planned higher grades (0.94% vs 0.62%), higher throughput from increased utilisation of conventional mill lines and higher copper recovery (79% vs 77%).
The full year average realised price of 416 c/lb includes 64,200 tonnes of copper provisionally priced as at 31 December 2024 at an average of 395 c/lb.
Peru – Quellaveco production was 90,200 tonnes, down 4% on the comparative period, owing to lower recoveries (79% vs 84%) and anticipated lower grades (0.89% vs 0.95%), but up 31% quarter-on-quarter, meeting the full year guidance range. In 2025, the mine
is expected, as planned, to average similar grades as in 2024, while opening up and developing the next phases which will enable more flexibility in the medium/longer term. Optimising the coarse particle recovery plant remains a priority going into 2025 and a continued improvement in recoveries is expected progressively through the year.
The full year average realised price of 415 c/lb includes 69,072 tonnes of copper provisionally priced as at 31 December 2024 at an average of 415 c/lb.
2025 Guidance
Production guidance for 2025 is unchanged at 690,000-750,000 tonnes (Chile 380,000-410,000 tonnes; Peru 310,000-340,000 tonnes). Production in 2025 is impacted by lower grades at most operations in Chile and from the smaller Los Bronces processing plant being on care and maintenance. Chile production is subject to water availability, and is expected to be weighted to the second half of 2025 given the impact from lower grades in the first half, particularly in Q1 at Collahuasi.
