MMG’s operations delivered robust production performance in 2024 with copper production 15 per cent higher than 2023 and zinc production eight per cent higher. Strong copper production totalling 399,758 tonnes was driven by Las Bambas, which exceeded full-year guidance while all other operations delivered their annual targets. Growth in copper is also attributed to the inclusion of Khoemacau’s output. Total zinc production reached 219,901 tonnes, a result that reflects operational improvements at Dugald River and Rosebery.
“We’ve enjoyed a strong fourth quarter and full year result, achieving a number of significant production milestones. Our focus remains on generating more value from our operations and maximising the growth potential of our assets. Thanks to our team for their hard work and commitment to safe operations and for making this great result possible. It’s an exciting time for the company and we are looking forward to another successful year,” said Cao Liang, MMG’s CEO.
Highlights include:
- MMG’s safety performance continued to improve with fewer injuries reported in the fourth quarter. The Total Recordable Injury Frequency for the full year was 2.06 per million hours worked, with no High Potential Injuries reported in the past seven months.
- Las Bambas achieved its highest quarterly production since 2019 in the fourth quarter. The mine’s 2024 annual production totalled 322,912 tonnes, a seven per cent increase year on year, driven by mining at the Chalcobamba pit and uninterrupted operations. The team’s significant effort in community engagement is having a real impact on consistent operations at site and along the transport corridor.
- Production at Kinsevere was in line with expectations, with a one per cent increase from 2023. This was driven by the addition of the sulphide circuit in the fourth quarter, improved power supply stability and increased ore supply from the Sokoroshe II pit. The Kinsevere Expansion mechanical completion was achieved in September last year as scheduled. The focus is now on ramping up the concentrator and roasting systems to gradually increase production. Copper cathode production is expected to increase significantly in 2025.
- Khoemacau produced close to 31,000 tonnes of copper in copper concentrate for the period from 23 March 2024, MMG’s acquisition date. Planning for future growth is underway, with a feasibility study currently in progress to lift annual production to 130,000-tonnes. The expansion project is expected to commence construction next year, with first concentrate production in 2028, subject to a comprehensive assessment of the timeline in the feasibility study.
- Australian operations performed strongly, with zinc production at Dugald River and Rosebery increasing by eight and nine per cent respectively year on year. Dugald River had a record metal production month in October and a record recovery rate of 91 per cent in the fourth quarter. This achievement was due to the team’s ongoing efforts to optimise operation and the benefit of higher ore feed grades.
- At Rosebery, ore mined and milled volumes also reached record highs, with both exceeding 1 million tonnes. With a production strategy focused on zinc equivalent production, the mine achieved more than 133,000 tonnes of zinc equivalent production.
- MMG operations achieved favourable cost performance in 2024, with Las Bambas achieving lower-than-anticipated C1 costs due to higher production rates and increased by-product credits from higher precious metal prices. MMG’s zinc mine costs also benefited from higher precious metal prices and favourable zinc concentrate treatment charges.
For 2025, MMG’s copper production is expected to range between 466-522kt and zinc between 215-240kt, with a focus on delivery of growth projects and continued cost efficiencies.
Full details, including 2025 asset production guidance and C1 costs, are available in MMG’s Fourth Quarter Production Report.
Media enquiries
Felicity Watson
0408 108 516
felicity.watson@mmg.com