Annual Report

2025 Annual Report Overview

MMG’s operations delivered record revenue and profit in 2025. Total earnings reached record highs, EBITDA rose to US$3,412.1 million, while EBIT increased to US$1,999.1 million. MMG also generated record net operating cash flow of US$2,689.5 million and free cash flow of US$1,608.1 million. Net profit after tax increased to US$955.2 million (US$509.4 million attributable to equity holders).The results were driven by production growth across copper, zinc, gold, and silver, as well as favourable market prices.

Las Bambas

Las Bambas achieved their second highest annual copper production – 410,834 tonnes of copper in copper concentrate – with records set for annual ore mined, ore milled and overall recovery rates. EBITDA reached a record US$2,831.2 million, driven by higher production supported by stable operations in two pits, favourable commodity prices, and ongoing operational improvements.

Kinsevere

Kinsevere produced 52,791 tonnes of copper cathode. EBITDA rose to US$100.7 million, supported by the Kinsevere Expansion Project ramp-up and stronger copper prices.

Khoemacau

Khoemacau produced 42,120 tonnes of copper in copper concentrate. EBITDA increased to US$167.0 million, driven by higher production from an additional three months of ownership and stronger copper and silver prices. The Khoemacau Expansion project is a key part of MMG’s growth pipeline, with plans to increase annual copper production capacity to 130,000 tonnes by 2028 – and potential for 200,000 tonnes over time.

Dugald River

Dugald River produced a record 183,463 tonnes of zinc in zinc concentrate. EBITDA reached US$176.1 million, supported by stronger zinc concentrate production and higher zinc and silver prices.

Rosebery

Rosebery produced 48,597 tonnes of zinc in zinc concentrate. EBITDA was US$168.1 million, supported by significant by-product revenue driven by higher gold, silver, and copper prices.