CEO Message
In the first half of 2024, it’s pleasing to see our production results continuing to stabilise. Across the entire MMG portfolio we have focused on progressing key development projects including the completion of the acquisition of Khoemacau and the ramp-up at Chalcobamba pit in Las Bambas. Our Kinsevere Expansion Project also remains on track, and our Australian operations continue to make a strong contribution through continuous operational improvement initiatives to achieve record recovery rates.
Operational Highlights
LAS BAMBAS
Las Bambas produced 126,198 tonnes of copper in the first half of 2024. Revenue of US$1,256.0 million was lower than 2023, mainly due to lower sales volumes resulting from destocking activities last year after a period of transportation disruptions. Las Bambas annual production in 2024 is expected to be towards the higher end of the previously set guidance range of 280,000 to 320,000 tonnes of copper, thanks to uninterrupted production and good progress on the development of the Chalcobamba pit.
KINSEVERE
Kinsevere produced 21,278 tonnes copper cathode during the first half of 2024. Kinsevere revenue increased by 6% to US$188.3 million compared to 2023 mainly due to higher copper prices. Kinsevere is expected to produce in the range of 39,000 to 44,000 tonnes of copper cathode for 2024.
ROSEBERY
Rosebery produced 30,263 tonnes of zinc in zinc concentrate and 10,970 tonnes of lead in lead concentrate during the first half of 2024. Revenue increased by 48% to US$152.7 million due to higher prices for silver, gold, zinc, lead, and copper, as well as higher sales volumes for zinc and lead. Rosebery's zinc production is expected to be in the range of 50,000 to 60,000 of zinc in zinc concentrate for 2024.
DUGALD RIVER
Dugald River produced 79,284 tonnes of zinc in zinc concentrate and 10,799 tonnes of lead in lead concentrate during the first half of 2024. Revenue increased by 70% to US$226.1 million driven by higher sales volumes for both zinc concentrate and lead concentrate, lower treatment charges, and higher realised zinc prices. Dugald River zinc production is expected to be towards the lower end of the range of 175,000 to 190,000 tonnes of zinc in zinc concentrate for 2024.
KHOEMACAU
MMG completed the acquisition of Khoemacau on 22 March 2024. During the first half of 2024 (from 23 March), the mine produced 9,982 tonnes of copper in copper concentrate. Khoemacau copper production is expected to be between 40,000 and 50,000 tonnes for the full year 2024.
2024 Interim Report