Capstone Copper Delivers Record 2025 Production Amid Operational Milestones
Source: Kapitales Research
Highlights:
Capstone Copper Corp. (ASX: CSC) achieved record consolidated copper production of 224,764 tonnes in 2025, in line with full-year guidance.
Annual output rose 22 per cent year-on-year, supported by improved performance at Mantoverde and Mantos Blancos.
Mantoverde achieved its highest-ever monthly production in December, while Mantos Blancos posted a record quarterly result.
Operations at Mantoverde continue amid labour action, with production maintained at moderated levels.
Record Production Performance
Capstone Copper Corp. delivered a record production outcome in 2025, reporting consolidated copper output of 224,764 tonnes. This marked the company’s fourth consecutive year of record production and represented a 22 per cent increase compared with the prior year.
The strong result was underpinned by the successful scale-up of the Mantoverde Development Project, alongside efficiency gains achieved through process optimisation initiatives at Mantos Blancos. These improvements contributed to higher throughput and more consistent operating performance across both assets.
Fourth-quarter production totalled 58,273 tonnes, representing the highest quarterly output achieved by the company to date.
Strong Asset-Level Contributions
Mantoverde delivered a standout performance during the year, producing 95,115 tonnes of copper, a 65 per cent increase on 2024. December marked a new operational milestone, with the site recording its strongest monthly production as plant performance improved following earlier maintenance activities.
Mantos Blancos also exceeded expectations, generating 61,919 tonnes of copper for the year. The operation achieved its highest quarterly output during 2025, reflecting the benefits of recent debottlenecking work and ongoing operational refinements.
Elsewhere in the portfolio, Pinto Valley delivered its strongest quarterly result in the fourth quarter despite challenging drought conditions in Arizona. Cozamin continued its consistent upward trajectory, recording its third consecutive year of higher annual production.
Labour Negotiations at Mantoverde
Capstone provided an update on labour discussions at Mantoverde, noting that mediation concluded without agreement and resulted in strike action commencing in early January 2026. Despite this, the operation has remained active, with production maintained at approximately 50 to 75 per cent of typical levels.
The company said essential operational and environmental safeguards remain in place and reiterated its intention to continue constructive engagement to reach a resolution.
Outlook
Looking ahead, Capstone enters 2026 focused on operational stability and disciplined execution. With record production momentum, key projects advancing, and a strengthened operating platform, the company is positioning for its next phase of growth. Investor focus is likely to remain on production continuity at Mantoverde, performance across the Chilean assets, and continued delivery against strategic objectives.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
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Capstone Copper Delivers Record 2025 Production Amid Operational Milestones
Highlights:
Record Production Performance
Capstone Copper Corp. delivered a record production outcome in 2025, reporting consolidated copper output of 224,764 tonnes. This marked the company’s fourth consecutive year of record production and represented a 22 per cent increase compared with the prior year.
The strong result was underpinned by the successful scale-up of the Mantoverde Development Project, alongside efficiency gains achieved through process optimisation initiatives at Mantos Blancos. These improvements contributed to higher throughput and more consistent operating performance across both assets.
Fourth-quarter production totalled 58,273 tonnes, representing the highest quarterly output achieved by the company to date.
Strong Asset-Level Contributions
Mantoverde delivered a standout performance during the year, producing 95,115 tonnes of copper, a 65 per cent increase on 2024. December marked a new operational milestone, with the site recording its strongest monthly production as plant performance improved following earlier maintenance activities.
Mantos Blancos also exceeded expectations, generating 61,919 tonnes of copper for the year. The operation achieved its highest quarterly output during 2025, reflecting the benefits of recent debottlenecking work and ongoing operational refinements.
Elsewhere in the portfolio, Pinto Valley delivered its strongest quarterly result in the fourth quarter despite challenging drought conditions in Arizona. Cozamin continued its consistent upward trajectory, recording its third consecutive year of higher annual production.
Labour Negotiations at Mantoverde
Capstone provided an update on labour discussions at Mantoverde, noting that mediation concluded without agreement and resulted in strike action commencing in early January 2026. Despite this, the operation has remained active, with production maintained at approximately 50 to 75 per cent of typical levels.
The company said essential operational and environmental safeguards remain in place and reiterated its intention to continue constructive engagement to reach a resolution.
Outlook
Looking ahead, Capstone enters 2026 focused on operational stability and disciplined execution. With record production momentum, key projects advancing, and a strengthened operating platform, the company is positioning for its next phase of growth. Investor focus is likely to remain on production continuity at Mantoverde, performance across the Chilean assets, and continued delivery against strategic objectives.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au