MMG Limited (MMG) delivered a strong performance in the second quarter of 2025, recording a 54 per cent year-on-year increase in total copper production.
Total copper output – including copper cathode and copper concentrate – reached 140,368 tonnes, driven by an outstanding quarter at Las Bambas, continued expansion ramp-up at Kinsevere, and higher ore mined volumes at Khoemacau. Zinc production also rose 12 per cent compared to the same quarter last year, led by a robust recovery at Dugald River.
“It’s an outstanding result, reflecting a growing momentum across our business,” said Ivo Zhao, MMG’s CEO. “Impressive production outcomes, safer operations, and progress on our key strategic projects demonstrate the discipline and capability of our people, positioning MMG for a great second half of the year.”
Q2 highlights include:
- Total Recordable Injury Frequency at 1.23, down from 2.40 in the first quarter. Our Significant Events with Energy Exchange Frequency reduced to 0.49, from 1.08. These improvements reflect the focus and commitment of our teams to embedding critical controls and proactive safety practices across all sites.
- Las Bambas delivered 114,909 tonnes of copper in concentrate – its second-highest quarterly result – driven by improved ore milled grades of 0.94 per cent supported by stable ore supply from the Chalcobamba and Ferrobamba pits. A copper recovery rate of 91.3 per cent further boosted production results.
- Kinsevere produced 13,735 tonnes of copper cathode up 19 per cent year-on-year. Expansion ramp-up continued, with key technical indicators nearing design parameters – copper recovery rate at the sulphide ore concentrator exceeded 75 per cent in June, and the roaster achieved a calcine conversion rate of 88 per cent.
- Khoemacau recorded a 28 per cent year-on-year increase in copper production (11,433 tonnes), supported by higher ore mined volumes.
- Dugald River produced 43,557 tonnes of zinc, a 26 per cent increase year-on-year, recovering from weather-related disruptions earlier in the year and supported by strong ore grades and consistently high process plant recovery rates.
- Rosebery zinc production declined by 20 per cent compared to the second quarter of 2024. This was largely due to lower grades associated with mining sequence and challenges related to equipment reliability. Despite this, zinc equivalent production remained strong at nearly 30,000 tonnes, reflecting continued value from by-product metals.
“As we head into the second half, our teams remain focused on safe operations, advancing our project pipeline, and unlocking long-term value across our portfolio,” said Mr Zhao. “We remain confident in MMG’s future as we continue to supply the minerals that will enable the global energy transition and support sustainable development in our host communities.”
Looking ahead, MMG is focussed on delivering its production and cost targets. With Las Bambas and Rosebery favourably adjusting their C1 cost range to reflect improved by-product credits and strong market conditions.
And finally, just last week MMG issued a positive profit alert for an expected net profit after tax attributable to equity holders for the half year ended 30 June 2025 (H1 2025) of approximately US$340 million. More details to be shared at the Interim Results presentation on 13 August.
For full details, including asset-by-asset production guidance and cost updates, please refer to MMG’s Second Quarter Production Report.
Felicity Watson
Head of Communications
T +61 408 108 516
E CorporateAffairs@mmg.com