力拓集团上调2025年铜铝产量目标成本管控成效显著

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

力拓集团上调2025年铜铝产量目标成本管控成效显著

2025-12-05 16:40:03 来源：北方有色网责任编辑：王欣悦

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在全球新能源转型推动金属需求攀升的背景下，国际矿业巨头力拓集团近期宣布调整2025年核心产品生产目标，铜、铝两大板块均呈现"产量上调、成本优化"的双重积极态势，彰显其聚焦核心资产、提升运营效率的战略成效。

铜业务：产量大幅上调，成本显著下降

力拓将2025年铜产量指导目标明确上调至86万-87.5万吨，较此前公布的78万-85万吨区间实现显著提升，新目标的下限已高于原区间上限，显示出铜业务的强劲增长动能。与此同时，铜单位成本指导目标迎来大幅下调，从110-130美分/磅降至80-100美分/磅，成本管控力度超出市场预期。

这一调整的核心支撑来自两大因素：一方面，蒙古奥尤陶勒盖铜矿产能持续释放，该项目2025年产量预计提升50%以上，成为铜产量增长的核心引擎;另一方面，力拓自主研发的Nuton®生物浸出技术在亚利桑那州约翰逊营地矿成功产出首批铜阴极，创新技术推动资源利用效率提升，叠加组织架构优化带来的规模化效应，共同实现成本端的大幅压缩。从市场环境看，当前铜作为新能源与AI产业的核心材料，需求端呈现"算力中心+电网基建+新能源汽车"的三重拉动，力拓的产能提升恰逢全球铜供需缺口扩大的窗口期，国际铜研究小组预测2025年全球铜缺口可达50万吨，这一布局将显著提升其市场份额。

铝产业链：全链条发力，产量冲刺上限

铝产业链方面，力拓同样释放积极信号。2025年铝土矿产量指导目标较此前5900万-6100万吨的区间进一步上调，明确将突破原有上限;原铝产量则预计达到325-345万吨指导区间的顶端，显示出全产业链的协同增长潜力。

支撑铝业务增长的关键在于力拓的资源与技术优势。其澳大利亚韦帕铝土矿作为全球核心产区，2024年单矿产量已达3700多万吨，为铝土矿增产提供坚实基础;原铝生产则依托加拿大、澳大利亚等地的水电资源，构建起低碳产能优势，80%以上产能的碳排放仅为行业均值的1/7，契合全球绿色转型需求。当前铜铝价格比攀升至3.9:1的历史高位，超过3.5的经济替代临界点，"铝代铜"趋势在电缆、家电等领域加速显现，进一步扩大铝需求空间，力拓的原铝产能释放正契合这一市场变化。

战略聚焦：精简架构驱动业绩增长

此次产量与成本目标的调整，是力拓新任CEO西蒙·特罗特主导的"更强大、更精简、更高效"战略的具体落地。该战略通过将核心业务精简为铁矿石、铜、铝及锂三大板块，削减管理层级，停止非核心项目，已实现6.5亿美元的生产效益提升。据力拓规划，到2030年将实现铜当量产量20%的增长，单位成本年均下降4%，EBITDA有望提升40%-50%，此次铜铝业务的目标上调正是这一长期规划的阶段性成果。

在全球矿业格局重构的背景下，力拓通过聚焦铜、铝等新能源核心金属，同步优化成本结构，不仅将受益于当前金属价格高位运行的市场红利，更将巩固其在能源转型关键材料供应链中的核心地位。

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