2024 Annual Report overview
MMG’s operations delivered robust production performance in 2024. 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.
Operational Highlights
Las Bambas
Las Bambas achieved US $1.6 billion EBITDA, a 14% year on year increase driven by reduced production costs and higher commodity prices. In the fourth quarter of 2024, the site achieved its highest quarterly production since 2019. This strong result was driven by the commencement of mining at Chalcobamba and made possible by the ongoing focus on community engagement and uninterrupted transportation throughout the year.
Kinsevere
Kinsevere delivered a turnaround in EBITDA of US $67.8 million, driven by higher copper sales volumes and prices supported by lower third-party ore consumption. Kinsevere’s expansion project successfully completed mechanical construction as planned, and commissioning of the concentrator and roasting systems is underway to gradually increase production.
Khoemacau
MMG completed the acquisition of the Khoemacau mine in March 2024 and the asset achieved almost US $126 million EBITDA in its first nine months as part of the portfolio. The Khoemacau expansion feasibility study, targeting an increased annual production capacity of 130,000 tonnes, continues to progress.
Dugald River
Dugald River’s EBITDA increased fourfold to US $169 million. A result driven by strong zinc and silver prices and lower treatment charges. Higher sales volumes of zinc, lead, and silver also made a positive contribution. The site’s production and financial metrics all showed improvement including a reduction in C1 costs and an improved EBITA margin.
Rosebery
Showing no signs of slowing down - even after 90 years of operation - EBITDA for Rosebery increased 58% to US $123.2 million. This result was driven by strong prices for zinc, gold, silver, and copper, lower treatment charges, and higher sales volumes of zinc and lead. It was partially offset by increased production costs due to higher ore mined and processed.
2024 Annual Report