MMG Limited (MMG) today announced its third quarter 2018 production result producing 121,926 tonnes of copper and 57,595 tonnes of zinc in the three months to 30 September.
“The Dugald River ramp up continues to track ahead of schedule, with mining and milling rates at 100% and 112% of nameplate capacity during the third quarter,” CEO Geoffrey Gao said.
MMG’s 2018 production guidance for Dugald River has also been upgraded to 140,000 to 150,000 tonnes of zinc in concentrate (from 120,000 to 140,000 tonnes previously).
Las Bambas mining and production rates are recovering following the localised wall slippage that impacted third quarter production. As previously disclosed, 2018 production is now expected to be within the range of 375,000 to 395,000 tonnes of copper in concentrate with C1 costs between US$1.10-1.20/lb.
“Despite the geotechnical challenges during the quarter, mill throughput increased 7% compared to first half 2018 rates with throughput now consistently running above design capacity.”
“Las Bambas is expected to produce in excess of two million tonnes of copper in concentrate over its first five years of operation and we continue to advance a series of debottlenecking, plant upgrade and exploration projects to extend this production profile into the future,” Mr Gao said.
Please download a full copy of the MMG Third Quarter 2018 Production Report.
“Rosebery and Kinsevere both delivered a record quarter for mill throughput as we continue to drive operational improvements in our more established operations and advance programs to extend their mine lives.”
During the quarter, the Democratic Republic of the Congo’s (DRC) Government has commenced enforcement of elements of the 2018 Mining Code, including increased royalty rates, import duties and environmental taxes.
MMG made a formal request for negotiation with the DRC Government under the Bilateral Investment Treaty between the DRC and China, and is looking to enter negotiations with the DRC Government regarding the implementation and application of the 2018 Mining Code.
MMG expects to produce 455,000 to 475,000 tonnes of copper and 210,000 to 230,000 tonnes of zinc in 2018.
Please download a full copy of the MMG Third Quarter 2018 Production Report.