有色金属海外季报：安托法加斯塔2025Q2铜产量环比增长3.5%至16.01万吨，铜单位净现金成本环比下降27.3%至1.12美元/磅

Investment Rating - Industry rating: Recommended [7] Core Insights - The report highlights a 3.5% quarter-on-quarter increase in copper production to 160,100 tons in Q2 2025, with a year-on-year growth of 3.1% [2] - Copper sales decreased by 4.8% year-on-year and 9.6% quarter-on-quarter, totaling 153,800 tons [2] - The realized copper price was $4.40 per pound, reflecting a decrease of 6.3% year-on-year and 6.2% quarter-on-quarter [2] - The net cash cost for copper dropped to $1.12 per pound, a reduction of 42.5% year-on-year and 27.3% quarter-on-quarter, attributed to lower base costs and increased by-product revenues [3] Production and Financial Performance - Copper production for the year-to-date reached 314,900 tons, up 10.6% from 2024 [14] - Gold production in Q2 2025 was 48,300 ounces (1.50 tons), marking a 43.7% year-on-year increase and a 12.6% quarter-on-quarter increase [4] - Molybdenum production surged by 74.8% year-on-year and 41.9% quarter-on-quarter to 4,400 tons [5] - The average realized price for gold was $3,442 per ounce, up 43.5% year-on-year and 11.1% quarter-on-quarter [4] Project Development Updates - Ongoing developments include the assembly of key mining equipment at the Esperanza Sur mine and progress on the Centinela concentrator phase two [8] - The Los Pelambres expansion project is advancing with the installation of ventilation and lighting systems in the elevated tunnel [9] - The environmental impact assessment for the Zaldívar mine has been approved, extending its lifespan to 2051 [11] 2025 Outlook - The annual copper production guidance remains unchanged at 660,000 to 700,000 tons [12] - Cash cost guidance is maintained at $2.25 to $2.45 per pound before by-product credits and $1.45 to $1.65 per pound after by-product credits [12] - Capital expenditure guidance is also unchanged at $3.9 billion [13]