高盛：铜成本曲线分析；前 20 大铜企综合边际成本约每磅 4.3 美元

13 June 2025 | 12:54PM AEST Global Metals & Mining Copper cost curve analysis; Top 20 copper miner all-in marginal cost ~US$4.3/lb We have constructed a global copper cash cost curve (cash costs net of credits) and all-in cost curve (including sustaining and growth capex) for the world's Top 20 copper producers (covering >50% global mined production) based on CY24 production, cost and capex data. Our analysis implies all-in marginal cost was ~US$4.3/lb (90th percentile) for the major producers in 2024 (on a ...