MMG Limited today released its production result for the three months ended 30 September 2024.
Key highlights:
- Improved safety performance and significantly increased production has resulted in a strong third quarter.
- MMG is tracking well against a goal of achieving significant and ongoing improvement in safety performance recording a Total Recordable Injury Frequency (TRIF) of 1.92 per million hours worked, down from 2.28 in the second quarter.
- MMG’s total copper production reached 114,664 tonnes. This represents a 22% increase from the same period last year and a 26% increase from the previous quarter.
- Las Bambas had its strongest quarter since 2021, driven by improved ore grades. The site will continue to ramp up production and is expected to reach an annualised copper production rate of over 400,000 tonnes in the fourth quarter.
- Total zinc production for the period was 46,443 tonnes, a 22% decrease compared to the prior corresponding period. Production was impacted by maintenance at both Dugald River and Rosebery, however volumes are set to recover. Dugald River’s zinc metal production for September was its second highest since January 2022.
“Our strong third quarter result was driven by a significant increase in production at Las Bambas which delivered its best quarterly production since 2021 on the back of improving ore grades. We are now well placed to deliver on our plan of a stronger second half underpinned by higher production and progress on our key strategic projects,” said MMG CEO Mr Cao Liang.
Project highlights include the first copper cathode from sulphide ores being produced in late September as part of the Kinsevere Expansion Project. Post the completion of this project, the team will focus on ramping up to nameplate capacity in 2025 and the extension of the mine’s life to 2035.
At Khoemacau, the expansion plans to increase capacity to 130,000 tonnes annually are proceeding well. The preliminary feasibility study (PFS) is now complete. The project is expected to move into feasibility by the end of this year, with construction expected to begin in 2026 and be completed by 2028. This will help reduce C1 costs.
And finally, MMG is collaborating with the Huancuire community companies on the Chalcobamba pit development, which is in early operation. Constructive dialogue with Las Bambas, the Huancuire community, and the Peruvian government also continues.
Full details, including production results at an asset level, are available in MMG’s Third Quarter Production Report.
Media enquiries
Felicity Watson
0408 108 516
felicity.watson@mmg.com