In the first half of the year, MMG achieved a significant increase in net cash flow from operations, totalling US$425.6 million, representing growth of 216 per cent compared to the first half of 2022.
HALF YEAR IN REVIEW
LETTER FROM THE BOARD
Las Bambas produced 139,594 tonnes of copper in the first half of 2023. Revenue of US$1,480.4 million was higher than 2022 due to higher copper and molybdenum sales volumes and higher molybdenum prices. Full-year production for 2023 is expected to be between 265,000 and 305,000 tonnes of copper in copper concentrate.
Kinsevere produced 21,641 tonnes of copper cathode in the first half of 2023. Mining activities have increased with a focus on waste stripping, with higher capitalised mining costs, as we transition to the mining of sulphide ores. Kinsevere is expected to produce in the range of 40,000 to 48,000 tonnes of copper cathode for 2023.
Rosebery produced 23,102 tonnes of zinc in zinc concentrate and 8,637 tonnes of lead in lead concentrate during the first half of 2023. Precious metal production for the first half of 2023 totalled 12,547 ounces of gold and 1,355,370 ounces of silver. Rosebery's zinc production is expected to be in the range of 55,000 and 65,000 of zinc in zinc concentrate for 2023.
Dugald River produced 57,374 tonnes of zinc in zinc concentrate during the first half of 2023. The transition to an owner-miner model has been completed with MMG executing production operations and a new mining contractor, Redpath, focusing solely on development. Dugald River is expected to produce in the range of 135,000 and 150,000 tonnes of zinc in zinc concentrate.