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 the industry as of Q3 2026. Under our Q3 2026 outlook, global average smelter DCC is forecast to increase by ~9% YoY, with energy-related costs remaining the dominant source of cost inflation. Despite these pressures, stronger sulphuric acid credits and higher free-metal revenues are expected to lift average smelter cash margins by 52%, even as TCs remain historically low. Average refinery DCC is forecast to rise by ~8% from 2025 levels, with energy remaining the largest cost component and power accounting for ~79% of refinery energy costs. The attached files include a summary report and two interactive data packs. The data can be explored through customised tables and charts, enabling users to focus on specific aspects of smelter and refinery analysis. For feedback or questions, please contact support@woodmac.com or guillermo.parra@woodmac.com.