必和必拓 2024Q3 铜产量同比增加4%至 47.6万吨，其中 Escondida 2024Q3 铜产量同比增加 11% 至 30.42 万吨
HUAXI Securities·2024-10-20 10:03

Investment Rating - Industry rating: Recommended [2] Core Insights - In Q3 2024, the total copper production reached 476,000 tons, a year-on-year increase of 4%, but a quarter-on-quarter decrease of 6% [2] - The average realized copper price in Q3 2024 was $4.24 per pound, up 17% year-on-year but down 7% quarter-on-quarter [2] - The production from Escondida in Q3 2024 was 304,200 tons, an 11% year-on-year increase but a 2% quarter-on-quarter decrease [2] - The increase in production was primarily due to improved ore grades at the concentrator, which rose to 1.00% [2] - The company continues to integrate the FullSaL project, which is expected to start production in mid-2025 [2] Summary by Sections Copper Production - Q3 2024 total copper production was 476,000 tons, a 4% increase year-on-year but a 6% decrease quarter-on-quarter [2] - Escondida's Q3 2024 production was 304,200 tons, an 11% increase year-on-year but a 2% decrease quarter-on-quarter [2] - Pampa Norte's Q3 2024 production was 60,100 tons, a 23% year-on-year decrease and a 9% quarter-on-quarter decrease [2] - Copper South Australia's Q3 2024 production was 73,400 tons, a 2% year-on-year increase but an 18% quarter-on-quarter decrease [2] Nickel Production - Q3 2024 nickel production in Western Australia was 19,600 tons, a 3% year-on-year decrease and a 15% quarter-on-quarter decrease [5] - The average realized nickel price in Q3 2024 was $16,359 per ton, down 20% year-on-year and 11% quarter-on-quarter [5] Iron Ore Production - Q3 2024 total iron ore production was 65 million tons, a 2% year-on-year increase but a 7% quarter-on-quarter decrease [6] Coking Coal Production - Q3 2024 production from BMA was 9 million tons, a 19% year-on-year decrease and an 8% quarter-on-quarter decrease [7] Thermal Coal Production - Q3 2024 production from NSWEC was 3.7 million tons, a 2% year-on-year increase but a 2% quarter-on-quarter decrease [8] Production Guidance - The production guidance for FY2025 remains unchanged, with total copper production expected to be between 1.845 million and 2.045 million tons [9]