有色金属：海外季报：英美资源 2025Q1 铜产量同比减少 14.65%至 16.89 万吨，2025 年铜产量/单位成本指引分别为 69-75 万吨/151 美分/磅

Investment Rating - Industry rating: Recommended [7] Core Insights - In Q1 2025, copper production decreased by 14.65% year-on-year to 168,900 tons, primarily due to a decline in planned production from Chile, which offset increases from the Quellaveco mine [1] - Iron ore production increased by 1.99% year-on-year to 15.445 million tons, driven by strong performance from Minas-Rio [2] - Manganese ore production fell significantly by 59.57% year-on-year to 31,700 tons, mainly due to ongoing operational pauses following damage from a tropical cyclone in March 2024 [3] - Platinum group metals (PGM) production decreased by 16.55% year-on-year to 696,000 ounces, with sales volume down 30% to 493,700 ounces [4] - Coking coal production dropped by 42.11% year-on-year to 2.2 million tons, largely due to an underground fire at the Grosvenor mine [5] - Nickel production increased by 3.16% year-on-year to 9,800 tons, reflecting stable operations at the Barro Alto mine [6] - Diamond production decreased by 11.59% year-on-year to 6.1 million carats, impacted by ongoing production adjustments due to long-term demand weakness [9] Summary by Sections Copper - Q1 2025 copper production guidance remains unchanged at 690,000 to 750,000 tons, with unit cost guidance at approximately 151 cents per pound [11] Iron Ore - Q1 2025 iron ore production guidance remains unchanged at 57 million to 61 million tons, with unit cost guidance at approximately $36 per ton [12][13] Manganese - No production guidance provided for 2025 [14] Platinum Group Metals - PGM production guidance remains at 3.0 to 3.4 million ounces, with unit cost guidance around $970 per PGM ounce [15] Coking Coal - Coking coal production guidance remains unchanged at 10 million to 12 million tons, with unit cost guidance at approximately $105 per ton [16][17] Nickel - Nickel production guidance remains unchanged at 37,000 to 39,000 tons, with unit cost guidance at approximately 505 cents per pound [18][19] Diamonds - Diamond production guidance remains unchanged at 20 million to 23 million carats, with unit cost guidance at approximately $94 per carat [21][22]