MMG today announced increases (net of depletion) for Mineral Resources for total copper and Ore Reserves for total zinc. The gains, detailed in the company’s newly released 2025 Mineral Resources and Ore Reserves (MROR) statement, underscore the Company’s commitment to exploration and maximising value from its assets.
As at 30 June 2025, year on year the key changes to MMG’s Mineral Resources and Ore Reserves* are:
- Mineral Resources (contained metal) increased for copper (3 per cent), lead (5 per cent), molybdenum (10 per cent), silver (3 per cent) and gold (29 per cent). There was a decrease for zinc (-0.5 per cent) and cobalt (-2 percent).
- Ore Reserves (contained metal) have increased for zinc (13 per cent), lead (10 per cent), cobalt (3 per cent), molybdenum (5 per cent) and gold (10 per cent). There was a decrease for copper (-2 per cent) and silver (-5 per cent).
*Quantities stated are net of (after) depletion on a full year basis.
“These results demonstrate our continued commitment to exploration and resource-to-reserve conversion drilling at all MMG’s sites. Importantly it’s a result that allows us to replenish milled depletion and extend the life of our mineral deposit assets,” said Ivo Zhao, MMG’s CEO.
This year’s MROR Statement features a number of highlights. Las Bambas (Peru) copper Mineral Resources increased significantly (657,000 tonnes before depletion) in the Ferrobamba pit, based on changes in the pit design parameters. Ferrobamba Underground also increased its Mineral Resources based on an updated scoping study after positive drilling results, which saw an addition of 163,000 tonnes of copper. In combination, this has meant that copper Mineral Resource depletion over 12 months has been replaced for a second year in a row at Las Bambas.
In further positive news, there were significant gains at MMG’s Australian Operations. Both Dugald River and Rosebery Ore Reserves experienced strong growth for the second year running with Dugald River increasing by 290,000 tonnes of zinc (net of depletion). Rosebery Mineral Resources and Ore Reserves increased by 30 per cent and 17 per cent respectively for zinc (net of depletion), driven by new geological modelling processes and metal prices. This outcome supports a potential future for Rosebery well beyond 100 years.
In the Democratic Republic of the Congo (DRC), Kinsevere added 42,000 tonnes of copper and 6,900 tonnes of cobalt in Ore Reserves (before depletion), largely attributable to the completion of the Nambulwa feasibility study. Reporting of Nambulwa maiden Ore Reserves marks a first for this mining lease. Kimbwe-Kafubu Mineral Resources almost doubled since 2024, with net copper increasing by 53,000 tonnes. This was driven by pit shell parameters, resulting from better pit wall angles and increased metal prices.
At Khoemacau, Ore Reserve conversion drilling at Zone 5 continued. Mineral Resources and Ore Reserves were not replaced for this reporting period. The local team will continue to advance their exploration efforts.
Read MMG’s 2025 MROR statement here.
Media enquiries
Felicity Watson
0408 108 516
felicity.watson@mmg.com
Notes
Mineral Resources can be defined as the concentration of material of economic interest in or on the earth’s crust where a Competent Person can demonstrate there are Reasonable Prospects of Eventual Economic Extraction, whereas Ore Reserves are the parts of a Measured and/or Indicated Mineral Resource that have been the subject of a Pre-feasibility Study or Feasibility Study.
MMG’s estimates of Mineral Resources and Ore Reserves are undertaken by a team of highly skilled technical personnel including geologists, mining engineers and metallurgists that qualify as ‘Competent Persons’ under the Joint Ore Reserves Committee Code (JORC) of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.