CEO Message
Operational Highlights
LAS BAMBAS
Las Bambas produced 210,637 tonnes of copper in copper concentrate in the first half of 2025, marking a 67% increase compared to the same period in 2024. EBITDA reached a record high of US$1,310.5 million, representing a 122% increase compared to the first half of 2024. This strong performance was primarily driven by higher production and lower unit operating expenses, supported by stable ore supply from both the Chalcobamba and Ferrobamba pits. Las Bambas copper production is expected to be between 360,000 to 400,000 tonnes for 2025.
KINSEVERE
Kinsevere produced 25,425 tonnes of copper cathode in the first half of 2025, representing a 19% increase compared to the same period in 2024. However, EBITDA declined to US$30.4 million, 26% lower than the first half of 2024, reflecting the unfavourable cost impacts during the period, as country-wide power instability constrained the pace of the production ramp-up. Kinsevere is expected to produce in the range of 63,000 and 69,000 tonnes of copper cathode for 2025.
ROSEBERY
Rosebery produced 23,505 tonnes of zinc in zinc concentrate in the first half of 2025, a 22% decrease compared to the same period last year. This decline was primarily due to lower grades resulting from the mining sequence and equipment reliability challenges in the second quarter. EBITDA totalled US$54.8 million, a 20% decrease from the first half of 2024, driven by lower sales resulting from reduced production. Rosebery's zinc production is expected to be in the range of 45,000 to 55,000 of zinc in zinc concentrate for 2025.
DUGALD RIVER
Dugald River produced 84,426 tonnes of zinc in zinc concentrate in the first half of 2025, representing a 6% increase compared to the same period last year. EBITDA totalled US$66.0 million, down 18% from the first half of 2024, as higher zinc sales and prices were offset by lower lead and silver volumes as a result of mining sequence. Dugald River zinc production is expected to be in the range of 170,000 to 185,000 tonnes of zinc in zinc concentrate for 2025.
KHOEMACAU
Khoemacau produced 22,043 tonnes of copper in copper concentrate in the first half of 2025, marking a 121% increase compared to the same period in 2024. This production growth was primarily driven by an additional three months of ownership in 2025 following MMG’s acquisition on 22 March 2024. Combined with higher copper and silver prices, this led to a significant rise in profits. EBITDA rose to US$89.6 million, a 167% increase. Khoemacau copper production is expected to be between 43,000 and 53,000 tonnes for 2025.
2025 Interim Report