MMG Limited (MMG) has made a strong start to 2026, delivering solid first quarter production results and safety improvements.
Safety remains MMG’s first value, with performance improving during the quarter. The Total Recordable Injury Frequency (TRIF) decreased to 1.85 per million hours worked, down from 2.08 in the fourth quarter of 2025. The Significant Events with Energy Exchange Frequency (SEEEF) improved to 0.34 per million hours worked.
Total copper production, including copper in concentrate and cathode, increased nine per cent year-on-year to 128,698 tonnes. A result underpinned by robust performances at Las Bambas and Kinsevere. Precious metals production was also impressive, with gold output increasing by 24 per cent and silver by 27 per cent compared with the prior year period. Group precious metals production totalled 32,177 ounces of gold and 2,888,861 ounces of silver. Total zinc production was 50,263 tonnes, three per cent lower than the prior year.
“MMG has started 2026 strongly, with stable production across our operations and importantly, improvement in our safety performance,” said MMG’s CEO Ivo Zhao. “We will continue to closely monitor market conditions and remain focussed on harnessing new technologies to further optimise performance and costs as the year progresses.”
Las Bambas copper production rose 6 per cent year-on-year to 101,003 tonnes. The result was driven by improved metallurgical recovery, benefiting from higher throughput and feed grade from the Ferrobamba pit. Kinsevere produced 16,820 tonnes of copper cathode, an increase of 44 per cent year-on-year, reflecting the continued ramp-up of the Roaster-Gas Cleaning-Acid Plant (RGA) and initiatives to strengthen power supply resilience. Khoemacau produced 10,660 tonnes of copper in copper concentrate, in line with the prior year.
Dugald River produced 41,104 tonnes of zinc in concentrate, broadly consistent year-on-year, despite major flood events and subsequent rail disruptions. Rosebery produced 31,347 tonnes of zinc equivalent, an eight per cent increase compared with the prior year, with standout by-product contributions more than offsetting lower zinc output resulting from reduced ore grades.
“Growing our copper production remains a key strategic priority and the Khoemacau Expansion project is a critical part of delivering on that ambition,” said Mr Zhao. “This quarter we proudly celebrated the project’s groundbreaking, with expansion activities progressing to plan.”
Khoemacau’s annual production capacity is set to increase to 130,000 tonnes of copper in copper concentrate by 2028 with the potential for 200,000 tonnes over time.
MMG’s First Quarter 2026 Production Report, including asset-by-asset production guidance and cost updates, is available on the Company’s website here.
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Felicity Watson
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