Capstone record copper output hits 224,764t in 2025 as strike risk rises

Capstone Copper

Capstone record copper output reached 224,764t in 2025, up 22% year on year. Capstone record copper output also rose 37% versus 2023 on Chile ramp-ups. Meanwhile, a strike at Mantoverde adds near-term downside risk for 2026 operations.

Capstone produced 184,830t from sulphide operations and 39,934t of cathodes in 2025. Fourth-quarter production hit a record 58,273t. As a result, Chile growth outweighed earlier constraints in other regions.

Chile ramp-ups deliver the bulk of Capstone’s growth

Mantoverde drove the 2025 step-change with 95,115t of copper, up 65% from 2024. The sulphide concentrator ramp-up lifted performance despite mill motor repairs in October and November. Therefore, December output hit a record 10,747t as throughput recovered to 36,761t/d.

Mantos Blancos produced 61,919t in 2025, beating its guidance range and rising 39% year on year. The debottlenecking programme lifted sulphide plant throughput and set a record quarterly output of 16,861t. However, sustaining higher rates now depends on stable staffing and maintenance execution.

Pinto Valley produced 42,382t in 2025, with a stronger fourth quarter at 11,423t. Earlier drought conditions constrained output in central Arizona. Cozamin produced 25,348t and finished near the upper end of guidance.

Strike at Mantoverde creates operational uncertainty for 2026

The Mantoverde strike began on 2 January after failed mediation with Union No. 2. The union covers about 22% of the total workforce and roughly half of Mantoverde employees. As a result, the site has operated near 75% of normal output and could run at 50–75% if the strike persists.

Mantoverde is 70% owned by Capstone and 30% owned by Mitsubishi Materials. Capstone says it remains open to negotiations while maintaining safe operations. Therefore, investors will watch labour resolution speed alongside 2026 execution discipline.

The Metalnomist Commentary

Capstone’s Chile ramp-up shows real operational leverage in a tight copper market. However, labour stability now sets the ceiling for near-term performance. The market will price risk until Mantoverde returns to predictable throughput.