智利国家铜业公司4月铜产量强势反弹，同比增长20.5%

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

智利国家铜业公司4月铜产量强势反弹，同比增长20.5%

2025-06-11 08:53:01 来源：北方有色网责任编辑：韩泽楷

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圣地亚哥，2025年6月11日 —— 全球最大铜生产商智利国家铜业公司（Codelco）今日公布最新产量数据，显示公司运营呈现显著复苏势头。2025年4月，公司铜产量达到114,600吨，较2024年同期的95,100吨大幅增长20.5%。这一强劲增长为缓解国际市场铜供应紧张局面带来了积极信号。

Codelco表示，4月产量的跃升主要得益于矿山运营效率的持续提升以及新扩建项目产能的逐步释放。公司着重优化了如Ministro Hales等矿山的采矿排序，同时Salvador矿区的Rajo Inca扩建项目开始贡献增量产出。此外，外部需求的增长，特别是中国基建活动加速和美国相关政策调整，也刺激了对智利铜的需求。去年同期较低的基数（受运输中断和社区抗议活动影响）同样助推了同比增幅。

这一表现显著优于智利全国水平。根据智利国家铜业委员会（Cochilco）数据，智利4月全国铜产量同比增长13.5%至464,000吨。Codelco作为行业龙头，其20.5%的增速成为带动全国增长的关键力量。

然而，智利铜业内部表现呈现分化。必和必拓（BHP）旗下巨型矿山Escondida表现尤为亮眼，4月产量同比飙升31%至128,400吨，对全国增产贡献巨大。相比之下，嘉能可（Glencore）与英美资源（Anglo American）合资的Collahuasi矿则面临挑战，4月产量同比下降13.5%至36,600吨，主要原因是矿石质量（品位）下滑以及必要的临时维护工作。

回顾2025年第一季度，Codelco的复苏之路并非一帆风顺。一季度公司铜总产量（含合资项目）为324,000吨，同比微增1.6%，但环比去年第四季度则大幅下降了28.7%。2月份智利遭遇的全国性停电事故以及恶劣天气是导致季度内产量波动的主要干扰因素。

值得关注的是，Codelco在提升产量的同时，也面临着成本上升和盈利压力。公司第一季度现金成本攀升至209.8美分/磅，同比上涨8.4%，主要源于设备维护开支增加和重点项目的持续投入。此外，汇率波动（智利比索升值）也对财务表现造成冲击，一季度净利润同比下滑64.29%至6144万美元。

展望未来，Codelco正积极推进战略转型和产能扩张。公司设定了2025年自有矿山铜产量达到137万至140万吨的目标，并力图将现金成本控制在195-198美分/磅之间。多个关键的结构性项目，如Chuquicamata的地下矿井扩建和El Teniente矿区的新开发，预计将在今年下半年开始贡献更多产量。

与此同时，Codelco也在积极布局新能源金属领域。其与智利化工矿业公司（SQM）合资开发阿塔卡马盐湖锂资源的项目，目前已获得欧盟等多国监管机构的批准，正待中国监管部门的最终决定，标志着公司向构建“铜锂双核心”资源战略迈出重要一步。

分析师观点： Codelco的4月强劲增长无疑是一个积极信号，显示这家国有巨头正在努力扭转近年来的产量下滑趋势。然而，成本高企、部分关键矿山（如Collahuasi）的减产以及项目执行的潜在风险仍是挑战。未来全球铜价的走势将很大程度上取决于以中美为代表的主要经济体的需求韧性，以及包括Codelco在内的大型矿商产能释放的实际节奏之间的动态平衡。

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智利国家铜业公司4月铜产量强势反弹，同比增长20.5%

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