Guess which ASX 200 copper stock is leaping higher on record production

The ASX 200 copper stock is smashing the benchmark today. Here's why.

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S&P/ASX 200 Index (ASX: XJO) copper stock Capstone Copper Corp (ASX: CSC) is charging higher today.

Capstone Copper shares closed yesterday trading for $8.56. In morning trade on Friday, shares are changing hands for $8.99 apiece, up 5.0%.

For some context, the ASX 200 is down 0.9% at this same time.

Atop facing alternating headwinds and tailwinds from US President Donald Trump's 50% copper tariffs (now no longer applying to refined copper products), Capstone released its second-quarter update this morning (Q2 2025).

Here are the highlights.

(*Note all figures below in US dollars unless otherwise stated.)

Two workers working with a large copper coil in a factory.

Image source: Getty Images

ASX 200 copper stock lifts off on production boost

The Capstone share price is leaping higher after the ASX 200 copper stock reported record quarterly consolidated copper production of 57,416 tonnes at C1 cash costs of $2.45 per pound.

Total Q2 2025 copper sold came out to 53,977 payable tonnes.

Sulphide copper production was particularly strong, up 55% year on year to 47,086 tonnes. And C1 cash costs of $2.20 per pound were down 14.7% from Q2 2024. The miner said the improved production and costs were largely driven by contributions from its Mantoverde mine sulphides following the successful ramp-up in 2024.

Net income attributable to shareholders was $24.0 million, down from $29.3 million in Q2 2024. However, adjusted net income attributable to shareholders of $27.5 million was up from $20.9 million in Q2 2024.

And the increased sulphide copper production also drove record Q2 2025 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $215.6 million for Q2 2025, up 75% year on year.

In other key financial metrics, the ASX 200 copper stock reported a 106% year-on-year increase in operating cash flow before changes in working capital to $212.4 million.

And the company's net debt decreased to $691.9 million as at 30 June, down from $788.1 million on 31 March.

At the end of the quarter, Capstone Copper had total available liquidity of $1.106 billion.

What did management say?

Commenting on the results helping to lift the ASX 200 copper stock today, Capstone CEO Cashel Meagher said, "Our second quarter was defined by several key accomplishments, including achieving record copper production, generating significant cash flow, and completing our balance sheet refinancing strategy."

Meagher added:

Earlier this month we also announced another significant milestone with receipt of the Mantoverde Optimised permit, meaning we are no longer permit constrained on throughput, and we plan to commence this lower risk, capital efficient project imminently.

The first half of the year was marked by solid performance, which we expect to further improve in the second half as we track towards our reaffirmed full year guidance.

Now what?

Looking to what's ahead for Capstone shares, Meagher said the miner's "diverse portfolio of operating assets in the Americas" and "robust pipeline of peer leading growth projects" sees it well-positioned for the current environment and the future.

The ASX 200 copper stock reaffirmed its 2025 guidance of 220,000 to 255,000 tonnes of copper production at $2.20 to $2.50 per pound cash costs.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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