MMG Limited (MMG) has announced its 2024 Annual Results, demonstrating strong financial and operational performance and solid progress on strategic growth initiatives.
With a commitment to supporting a safe culture and implementing programs to drive continued improvement, MMG recorded a full year significant events with energy exchange frequency rate of 0.78. A critical forward-looking safety indicator, this result continues a positive downward trend across the last six years. The total recordable injury frequency for the full year was 2.06 per million hours worked, with no High Potential Injuries reported in the seven months to December 2024.
In 2024, MMG’s revenue increased by three per cent to US$4.5 billion, while operating expenses decreased by 18 per cent to US$2.3 billion. A 40 per cent increase in EBITDA to US$2.05 billion, reflects improved profitability across all mining operations including the newly acquired Khoemacau mine. Net profit after tax increased 200 per cent year-on-year to US$366 million, with a record-low gearing ratio, strengthening the company’s balance sheet and enabling future investments.
“It’s been a great year for MMG, and we are enjoying positive momentum including with our growth initiatives and expansion of our portfolio” said Cao Liang, MMG’s Chief Executive Officer. “As a team we have celebrated some outstanding production milestones in 2024 and this, coupled with disciplined capital management, means we are well-positioned for continued success,” he stated.
Copper and zinc equivalent production has continued to increase over the last three years, and MMG expects production to reach up to 522,000 tonnes of copper and 340,000 tonnes of zinc equivalent in 2025.
Las Bambas achieved US $1.6 billion EBITDA, a 14 per cent year on year increase driven by reduced production costs and higher commodity prices. Notably, C1 costs reduced by six per cent. During the year, the site achieved its highest quarterly production since 2019. This strong result was driven by the commencement of mining at Chalcobamba and made possible by the ongoing focus on community engagement and uninterrupted transportation throughout the year.
Kinsevere delivered a turnaround in EBITDA of US $67.8 million, driven by higher copper sales volumes and prices supported by lower third-party ore consumption. The site’s expansion project successfully completed mechanical construction as planned, and commissioning of the concentrator and roasting systems is underway to gradually increase production. MMG completed the acquisition of the Khoemacau mine in March last year and the asset achieved almost US $126 million EBITDA in its first nine months as part of the portfolio. The Khoemacau expansion feasibility study, targeting an increased annual production capacity of 130,000-tonnes, is also progressing well.
Both Dugald River and Rosebery delivered impressive performances, Dugald River’s EBITDA increased fourfold to US$169 million, and Rosebery reported a 58 per cent EBITDA increase at US$123.2 million. These results were boosted by record production milestones at each site.
Additionally, MMG announced in December that Mineral Resources across their five mines had increased across all metals, including a 2.6 million tonnes increase for copper and a 1.4 million tonnes increase for zinc net of milled depletion. An exciting achievement, and the best organic result for Mineral Resources since MMG was established in 2009.
MMG’s commitment to disciplined capital management was underscored by a successful rights issue, the formation of a strategic joint venture for Khoemacau, and a continued focus on debt reduction. The refinancing of a US$1.8 billion Las Bambas facility and strong cash generation have positioned MMG for sustained financial strength.
Further diversifying its asset portfolio, MMG recently announced the acquisition of Anglo American’s Nickel Brazil operations. With an annual production of approximately 40,000 tonnes of nickel, Nickel Brazil positions MMG to capitalise on projected supply deficits in Class II nickel in the near future.
MMG remains committed to their long-term growth strategy, developing metals essential for a low-carbon future. Their ambition to become a top 10 global copper producer is underpinned by a focus on technology-driven efficiencies, prudent cost management, and operational excellence.
Media enquiries
Felicity Watson
0408 108 516
felicity.watson@mmg.com
About MMG
Founded in 2009, MMG’s vision is to create a leading international mining company for a low carbon future. The company is headquartered in Melbourne, Australia and Beijing, China and listed on the Hong Kong Stock Exchange (HKEX1208). MMG’s portfolio supports copper, zinc and cobalt production, with soon to be nickel – products that are critical to achieving global decarbonisation and electrification targets. With operations in Australia, Botswana, the Democratic Republic of Congo and Latin America. More info here.