As of 2026-10-25 · Observation periods are shown separately.
Each project below lists the original documents we checked, what they show and how to read them. This is a record of checked disclosures, not a real-time alert service.
Compare the disclosures
Follow five projects from dated disclosures to reproducible calculations. Each result links back to the same project and original sources; blocked comparisons explain why arithmetic would mislead.
Calculation checked on 2026-10-25 · Maintenance: MetalsGoWhere; update when the underlying disclosure changes.
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
The second-quarter 2026 report calls guidance cathode production in its narrative, while the output-table footnote includes cathode, scrap and tolling. Preserve this disclosure difference: do not infer a matched product boundary or calculate a guidance fulfilment ratio from the mixed half-year total. Figures are project output, not equity-attributable output.
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
The second-quarter 2026 report calls guidance cathode production in its narrative, while the output-table footnote includes cathode, scrap and tolling. Preserve this disclosure difference: do not infer a matched product boundary or calculate a guidance fulfilment ratio from the mixed half-year total. Figures are project output, not equity-attributable output.
Where did the full-year actual land against revised guidance?
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
The second-quarter 2026 report calls guidance cathode production in its narrative, while the output-table footnote includes cathode, scrap and tolling. Preserve this disclosure difference: do not infer a matched product boundary or calculate a guidance fulfilment ratio from the mixed half-year total. Figures are project output, not equity-attributable output.
Can mixed half-year output measure annual cathode guidance?
No direct calculation
The product or production boundary differs; no conversion factor is assumed. The observation periods do not match this calculation.
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
65,000–75,000 t2026-07-21
2026-01-01 / 2026-12-31Copper production guidance (product form not specified) · 100% project basis
The second-quarter 2026 report calls guidance cathode production in its narrative, while the output-table footnote includes cathode, scrap and tolling. Preserve this disclosure difference: do not infer a matched product boundary or calculate a guidance fulfilment ratio from the mixed half-year total. Figures are project output, not equity-attributable output.
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
These figures measure contained copper in concentrate on a whole-project basis. They are not concentrate mass, shipments, capacity or MMG equity share. The October point forecast differs from a mere upper-end expectation.
How far above the October forecast was the annual actual?
Actual output 10,834 t above the upper bound
Reference guidance
400 kt
Reported actual
410.834 kt
0460.134 kt
2025 · Copper contained in concentrate · 100% project basis
Actual minus lower bound
+10,834 t (+2.71%)
Actual minus upper bound
+10,834 t (+2.71%)
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
400,000 t2025-10-21
2025-01-01 / 2025-12-31Copper contained in concentrate · 100% project basis
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
These figures measure contained copper in concentrate on a whole-project basis. They are not concentrate mass, shipments, capacity or MMG equity share. The October point forecast differs from a mere upper-end expectation.
How much production belongs to the second half?
Output for the intervening period: 200,197 t
Derived period output
200,197 t
Derived period: 2025-07-01 / 2025-12-31
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
210,637 t2025-07-22
2025-01-01 / 2025-06-30Copper contained in concentrate · 100% project basis
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
Derived period output=410834 - 210637
These figures measure contained copper in concentrate on a whole-project basis. They are not concentrate mass, shipments, capacity or MMG equity share. The October point forecast differs from a mere upper-end expectation.
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
Do not use the mine-only annual actual to calculate a complex-guidance fulfilment delta. The January results release describes the revised range differently from the June revision; keep each dated disclosure and do not silently rewrite either historical range. No lost-tonnage estimate is inferred from disruption duration.
Are mine and complex totals the same production boundary?
No direct calculation
The product or production boundary differs; no conversion factor is assumed.
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
385,808 t2026-01-15
2025-01-01 / 2025-12-31Copper contained in mine production · 100% project basis
Do not use the mine-only annual actual to calculate a complex-guidance fulfilment delta. The January results release describes the revised range differently from the June revision; keep each dated disclosure and do not silently rewrite either historical range. No lost-tonnage estimate is inferred from disruption duration.
Can concentrate and anode guidance form one unchanged series?
No direct calculation
The product or production boundary differs; no conversion factor is assumed. The observation periods do not match this calculation.
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
370,000–420,000 t2025-06-11
2025-01-01 / 2025-12-31Copper contained in concentrate · 100% project basis
Do not use the mine-only annual actual to calculate a complex-guidance fulfilment delta. The January results release describes the revised range differently from the June revision; keep each dated disclosure and do not silently rewrite either historical range. No lost-tonnage estimate is inferred from disruption duration.
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
Figures are provisional. Codelco corrected its 2025 corporate own-production total on 28 July 2026 (Chuquicamata and Ministro Hales only); El Teniente is not listed as changed, which is an inference by omission. Divisional 2024–2025 figures remain under external review. Single-quarter values other than Q1 are differences of printed cumulatives and are marked derived.
What is the third-quarter amount implied by the cumulatives?
Output for the intervening period: 62,000 t
Derived period output
62,000 t
Derived period: 2025-07-01 / 2025-09-30
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
172,000 t2026-08-28
2025-01-01 / 2025-06-30Total contained copper at the mine · 100% project basis
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
Derived period output=234000 - 172000
Figures are provisional. Codelco corrected its 2025 corporate own-production total on 28 July 2026 (Chuquicamata and Ministro Hales only); El Teniente is not listed as changed, which is an inference by omission. Divisional 2024–2025 figures remain under external review. Single-quarter values other than Q1 are differences of printed cumulatives and are marked derived.
How do the two first-half periods compare?
Output decreased 26.51%
Reference actual
172 kt
Reported actual
126.4 kt
0192.64 kt
2025 · 2026 · Total contained copper at the mine · 100% project basis
Change
-45,600 t (-26.51%)
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
172,000 t2026-08-28
2025-01-01 / 2025-06-30Total contained copper at the mine · 100% project basis
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
Figures are provisional. Codelco corrected its 2025 corporate own-production total on 28 July 2026 (Chuquicamata and Ministro Hales only); El Teniente is not listed as changed, which is an inference by omission. Divisional 2024–2025 figures remain under external review. Single-quarter values other than Q1 are differences of printed cumulatives and are marked derived.
Recompute in tonnes. A midpoint is an arithmetic reference, not an issuer point forecast. Percentage changes use the corresponding reference value; a zero denominator has no percentage.
Nil periods are not stored as zero and no annual total is formed for them. The 2024 guidance withdrawal is explicit; the 2025 withdrawal is read from guidance tables that exclude Cobre Panamá and carries the last published range rather than a new number. Concentrate sales from stockpile are a separate table on a sales basis and are not production. First Quantum describes the 2026 activity as stockpile processing, not a mine restart.
Does the suspended range remain an active target?
No direct calculation
Guidance was withdrawn or suspended; the carried range is not an active forecast.
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
365,000–375,000 t2023-10-24
2023-01-01 / 2023-12-31Copper contained in concentrate · 100% project basis
Nil periods are not stored as zero and no annual total is formed for them. The 2024 guidance withdrawal is explicit; the 2025 withdrawal is read from guidance tables that exclude Cobre Panamá and carries the last published range rather than a new number. Concentrate sales from stockpile are a separate table on a sales basis and are not production. First Quantum describes the 2026 activity as stockpile processing, not a mine restart.
Can 2023 mine output be treated as 2026 stockpile processing?
No direct calculation
The observation periods do not match this calculation. The disclosure types do not support this calculation.
Check values, sources and calculation
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Reference
Value / disclosure date
Observation period / basis
Original source / location
Reference disclosure
330,863 t2024-02-20
2023-01-01 / 2023-12-31Copper contained in concentrate · 100% project basis
Nil periods are not stored as zero and no annual total is formed for them. The 2024 guidance withdrawal is explicit; the 2025 withdrawal is read from guidance tables that exclude Cobre Panamá and carries the last published range rather than a new number. Concentrate sales from stockpile are a separate table on a sales basis and are not production. First Quantum describes the 2026 activity as stockpile processing, not a mine restart.
Cite this page with its project, observation period and calculation checked date. Historical examples do not establish today’s operating status or losses caused by an event.
2026-10-08 · Historical facts added; one scope difference is noted rather than resolved.
Checked MMG's annual guidance, the July and October 2025 revisions, full-year results and the first- and second-quarter 2026 reports. Historical disclosures only; the Q2 scope difference is noted. This is not a comprehensive search of every subsequent announcement.
2026-10-08 · Evidence locators verified; period and reference boundaries documented.
Rechecked the original annual range, the Q1/Q2/Q3 2025 tables and the full-year 2025 report at their PDF pages. The check covers those disclosure and period boundaries, not all later operational events.
Checked the 2025 initial and reinstated guidance, the January annual-results release and the July 2026 quarterly release. Product scope is documented; differences in historical guidance wording are noted, not reconciled. This is not a complete incident chronology.
Checked Codelco's 1Q/1H/9M 2025 results presentations, the FY2025 results release, Memoria 2025, the June 2026 operational and financial report and the 28 July 2026 correction note. Q1 2026 divisional tonnage was not located. Not a comprehensive search of weekly operating updates.
2026-10-08 · Historical facts added; the 2025 withdrawal is read by exclusion and two export-tonnage figures differ between releases.
Checked First Quantum quarterly results and annual guidance news releases from January 2023 to July 2026 (PDF versions on first-quantum.com). MD&A, annual reports, SEDAR+ filings and Minera Panamá's own site were not checked.
