MMG Limited (MMG) delivered a strong production performance for 2025, marked by record and near-record production at a number of its sites.
Total copper production rose 27 per cent year-on-year to 506,899 tonnes, driven by an outstanding performance at Las Bambas. Total zinc production increased by six per cent to 232,060 tonnes, underpinned by a record year at Dugald River. Precious metals production also performed well, serving as valuable by-products. Total output had double digit growth with 118,118 ounces of gold and 10,564,843 ounces of silver.
“We’ve ended the year strongly, with Las Bambas achieving its second-highest annual output on record – a milestone that demonstrates our operational strength and team’s dedication,” said Ivo Zhao, MMG’s CEO. “This momentum positions us well to deliver on our production and cost targets for 2026.”
Q4 highlights included:
- The Total Recordable Injury Frequency (TRIF) was 2.08 per million hours worked, an increase from 1.89 in the third quarter. The full-year TRIF was 2.06 per million hours worked. The Significant Events with Energy Exchange Frequency (SEEEF) was 0.97 per million hours worked, an increase from 0.66 in the third quarter, with a full-year SEEEF of 0.80.
- Las Bambas produced 410,834 tonnes of copper in copper concentrate, its second highest annual output on record. This achievement was underpinned by record volumes in ore mined and milled, alongside sustained high recovery rates.
- Kinsevere delivered copper cathode production of 52,791 tonnes, an 18 per cent increase from 2024, reflecting the continued ramp-up of the Kinsevere Expansion Project. Production was constrained by prolonged power instability, however, mitigation measures have been implemented.
- Khoemacau produced 42,120 tonnes of copper in copper concentrate. While operational performance improved in the latter part of the year, full-year output was slightly below the lower end of guidance due to a temporary impact on ore availability during the transition to a new mining contractor in the third quarter.
- Dugald River achieved record annual zinc production of 183,463 tonnes of zinc in zinc concentrate. A key milestone was surpassing two million tonnes of ore milled for the first time in the mine’s history.
- Rosebery produced 48,597 tonnes of zinc in zinc concentrate. The operation successfully executed its strategy to maximise total asset value, resulting in 139,959 tonnes of zinc equivalent production.
A significant strategic milestone was reached recently with the approval of the Khoemacau expansion feasibility study. The project is expected to increase annual production capacity to 130,000 tonnes of copper in copper concentrate.
“The Khoemacau expansion is central to MMG’s growth pipeline and we’ve identified further expansion potential of up to 200,000 tonnes of copper in copper concentrate per annum,” said Mr Zhao. “This next year is shaping up to be an exciting one for MMG. The strength of our share price is a recognition of MMG’s strategy and the essential role our minerals play in the energy transition.”
For full details, please refer to MMG’s Fourth Quarter Production Report.
Media enquiries
Felicity Watson
+61 408 108 516
felicity.watson@mmg.com