Las Bambas and Kinsevere additions drive increase to Mineral Resources and Ore Reserves for MMG in 2016

MMG Limited today reports its 2016 Mineral Resources and Ore Reserves Statement as at 30 June 2016.

Mineral Resources (contained metal) has increased for molybdenum by 4%, remains unchanged for gold and nickel, and decreased for copper by 1%, zinc by 2%, lead by 6% and silver by 5%.  Ore Reserves (contained metal) has increased for copper by 6%, silver by 2% and molybdenum by 7% and decreased for zinc by 10%, lead by 11% and gold by 5%.

Las Bambas Mineral Resources and Ore Reserves have increased by 117Mt and 7Mt respectively. The Las Bambas Mineral Resources addition has partially offset Group metal reductions which are mostly due to depletion^*, cut-off grade changes and drilling results at MMG’s operations.

Ore Reserves (contained metal) have increased principally due to the increase at Las Bambas along with additions at Kinsevere.  Decreases in Ore Reserves contained metal are mostly the result of depletion at Century, Golden Grove and Rosebery.

Chief Executive Officer Andrew Michelmore said that Mineral Resources and Ore Reserves have increased in total, more than replacing depletion.

“We are committed to extracting more value from all our assets and extending mine life, including through near mine exploration. We are pleased that positive drilling results and increases in mineralised marble have contributed to increases in both Mineral Resources and Ore Reserves at Las Bambas,” he said.

“We now have an active exploration program in place at Las Bambas where only an estimated 10% of the mining lease has been explored to date. With over 20 years mine life and over 2 billion tonnes in copper resources, this presents significant upside potential,” he said.

Full details of MMG’s Mineral Resources and Ore Reserves are shown in the Mineral Resource and Ore Reserve Statement as at 30 June 2016.

^* Depletion refers to material treated by the mill and depleted from the Mineral Resources and Ore Reserves