Global copper smelter and refinery cost summary

In this update of the Global Copper Smelter and Refinery Asset Summary, we examine the key trends and significant developments shaping this industry as of Q4 2025. With this quarterly update, the weighted average DCC of costed smelters was revised to 19.3 c/lb Cu in 2025 and is forecast to decrease to 18.8 c/lb Cu in 2026, driven by changes in non-energy costs. Furthermore, supported by a moderately bullish outlook for sulphuric acid prices, sulphur credits are expected to rise from 9.8 c/lb Cu to 10.2 c/lb Cu in 2026. The average DCC for refineries is expected to edge up from 4.65 c/lb Cu in 2025 to 4.70 c/lb Cu in 2026. The attached files include a summary report and two interactive data packs. This data can be easily manipulated using personalised tables and charts, allowing the user to focus on the custom elements of the smelter and refinery analysis. If you have any feedback or questions, please contact support@woodmac.com or guillermo.parra@woodac.com