MMG Limited (MMG) today announced its fourth quarter 2018 production result reporting production of 466,475 tonnes of copper and 223,041 tonnes of zinc for the full year to 31 December.
“The strong performance at Las Bambas and Dugald River during the December quarter enabled us to deliver the best quarterly operational performance of 2018,” CEO Geoffrey Gao said.
Las Bambas produced 111,865 tonnes of copper in concentrate during the quarter on the back of higher mining and record milling rates as well as higher ore grades – a 29% increase on the September quarter.
“Las Bambas is well placed to produce in excess of two million tonnes of copper over its first five years and we continue to aggressively pursue a series of work programs to maintain this production profile into the future,” Mr Gao said.
Dugald River continued its world class ramp up producing 41,641 tonnes of zinc in zinc concentrate in the December quarter representing a 9% improvement over the prior reporting period. Mining and milling rates improved by 15 and 3% respectively and are operating consistently above design capacity.
“Since the start of commercial production at Las Bambas on 1 July 2016, we have reduced net debt by approximately US$2.7 billion due to our consistent focus on maximising cash generation, a key part of our commitment to creating shareholder value,” Mr Gao said.
“Across all operations we are looking to deliver further efficiencies while also securing a strong future for our assets through near mine exploration to extend mine life.”
“We completed 2018 with a focused portfolio of world class assets in the right commodities, I am confident in our outlook for 2019 where we expect to produce between 462,500 to 485,000 tonnes of copper and between 250,000 and 270,000 tonnes of zinc.”
Please download a full copy of the MMG Fourth Quarter 2018 Production Report.