MMG Limited (MMG, the Company) today released its second quarter production result for the three months ended 30 June 2024.
During the reporting period, total copper production was 90,972 tonnes, representing a 2% decrease from the prior corresponding period but a 36% increase from the first quarter of 2024. Total zinc production was 50,300 tonnes in the second quarter, which was 1% above the prior corresponding period in 2023.
MMG CEO Mr Cao Liang, noted; “Production results continue to stabilise for the group as we continue to deliver key expansion projects with a focus on safe operations and value generation.”
“Our work to grow our portfolio through the development of Chalcobamba, the expansion of Kinsevere, integration of our newest asset Khoemacau, as well as the contribution of our Australian assets, will enable us to significantly increase production of our core commodities – copper and zinc – in 2024 and beyond,” he added.
Las Bambas produced 70,173 tonnes of copper representing a 25% increase from the first quarter of this year. As part of ramp up plans, during this period ores from the Chalcobamba pit were supplied to the processing plant. Additionally, MMG signed significant commercial agreements with Huancuire community companies to accelerate development works and remains in active discussions. Furthermore, constructive dialogue also continues with local government and communities along the Southern Road Corridor, with strong national government support.
Production at Kinsevere was 11,546 tonnes of copper cathode in the second quarter of 2024, an increase of 2% from the prior comparable period. The construction of the Kinsevere Expansion Project continues to progress well and remains on track for substantial physical completion by end 2024. This project includes the transition to the mining and processing of sulphide ore and the commencement of cobalt production.
Our newest asset Khoemacau, produced 8,907 tonnes of copper, in its first full quarter of production following the aquisition completion on 22 March 2024. MMG is committed to supporting the ramp-up of Khoemacau to achieve annual production of 60,000 tonnes of copper by 2026, facilitated by ongoing mining development efforts to increase mining fronts, operational flexibility and mined grades. These efforts will be further enhanced by the completion of the Primary Vent Fans as well as the paste fill project.
At Dugald River we produced 34,524 tonnes of zinc in zinc concentrate and 4,618 tonnes of lead in lead concentrate during the second quarter. This is a decrease of 5% and an increase of 8%, respectively, compared to the same period last year. Supported by continuous operational improvement initiatives, the plant achieved record high lead recovery of 70.8% and continued high zinc recovery. Despite a strong start in the first two months of the second quarter, an unplanned maintenance shutdown was required for the SAG mill due to bearing pad issues, with operations resuming in late July. Additional maintenance works are expected in August, aiming to ensure the SAG mill’s operational integrity, with the Dugald River team collaborating with specialist resources to facilitate the repairs.
Rosebery had a strong quarter producing 15,776 tonnes of zinc in zinc concentrate, an 18% increase compared to the prior corresponding period of 2023 and a 9% increase compared to the previous quarter. In a significant milestone, ore mined and milled volumes achieved the second highest quarter in the past 20 years. In addition, continuous operational improvement initiatives supported strong plant performance in again achieving the highest zinc recovery rate of 88.6% since 2017.
Please download the full copy of the Second Quarter 2024 Production Report here.
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Felicity Watson
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felicity.watson@mmg.com