Country Report
Global copper mine cost summary
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Report summary
Wood Mackenzie's Q1-2025 Global Copper Mine Cost Summary assesses that lower TC/RC, better grades and weaker producer currencies should offset the inflationary pressures in 2025. In 2025, we project a 6% year-over-year decline in global C1+ sustaining capital expenditure. We expect costs to continue being inflationary this year, albeit at a lower pace than last year. However, the ongoing depreciation of currencies in major mining countries will benefit the USD-denominated cost base. Operating costs will continue to ease due to higher processing grades. Moreover, with a tight copper concentrate supply expected in 2025, TC/RC are anticipated to decrease significantly compared to 2024, further reducing unit costs for mines. Regarding by-products, we expect a decline in global gold and molybdenum production in 2025. This decrease is expected to offset the positive impact of rising metal prices on by-product credits.
Table of contents
- Associated data and slide pack for the analysis can be found in the Downloads section of this report (above right).
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