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Anglo American 铜产量剖析：智利、秘鲁双引擎的起伏与未来

2025-02-11 15:56:44 来源：北方有色网责任编辑：韩泽楷

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Anglo American 在 2024 年第四季度的铜产量表现引发行业关注，该季度铜产量达 19.8 万吨，同比减少 13.9%，不过环比增长 9.4%。季度环比增长 9%，其中 Quellaveco 在本季度表现强劲，成为产量增长的重要支撑。但与 2023 年同期相比，产量下降 14%，主要归因于计划关闭规模较小且成本更高的 Los Bronces 工厂，以及 Collahuasi 铜矿品位的预计下降。

智利地区产量情况

整体产量：2024 年第四季度，智利地区的生产受计划内 Los Bronces 工厂停产影响，该工厂于 2024 年 7 月进入维护保养状态。同时，Collahuasi 矿石品位预计下降，导致同比产量减少 21%，降至 107,300 吨。但全年总产量达 466,400 吨，高于市场预期的 430,000 至 460,000 吨。
主要矿山产量：Collahuasi 铜产量同比下降 22%，降至 56,100 吨，主要源于矿石品位下降与铜回收率降低。随着矿山处于不同阶段过渡，预计 2025 年仍将持续加工低品位矿石堆。Los Bronces 产量下降 32%，降至 38,700 吨，因按照计划并于 2024 年 7 月底宣布，将占总产能约 40% 的规模较小且成本较高的 Los Bronces 工厂置于维护保养状态。当前矿山阶段低品位和矿石硬度特征将持续影响运营，直至下一阶段开始，届时预计矿石品位更高、更易处理。此前声明，下一阶段开发工作正在推进，预计 2027 年起对生产产生积极影响。而 El Soldado 产量增长 71%，达到 12,500 吨，得益于计划内的高品位矿石（0.94% 对比 0.62%）、更高的吞吐量（传统磨矿生产线利用率提高）以及更高的铜回收率（79% 对比 77%）。

秘鲁地区产量情况

Quellaveco 在 2024 年第四季度产量为 90,200 吨，较对比期下降 4%，原因是回收率较低（79% 对比 84%）和预期中的矿石品位下降（0.89% 对比 0.95%），但环比增长 31%，符合全年指导范围。按计划，2025 年矿山矿石品位预计与 2024 年相似，同时将开展下一阶段开采和开发工作，以在未来中长期提供更大灵活性。2025 年优化粗颗粒回收厂仍是首要任务，预计全年回收率将逐步提升。

2025 年产量指导

Anglo American 给出 2025 年铜产量指导区间为 69 万 - 75 万吨，其中智利地区产量预计在 38 万 - 41 万吨，秘鲁地区产量预计在 31 - 34 万吨。

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