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Solid March quarter driven by strong copper output

MMG Limited today announced its first quarter 2017 production result producing 147,882 tonnes of copper and 19,146 tonnes of zinc in the three months to March.

Strong copper output was driven by excellent performance at Las Bambas, up 6% on the fourth quarter of 2016. Las Bambas produced 111,341 tonnes of copper in copper concentrate in the March quarter.

“The industry-leading ramp up of Las Bambas has been an outstanding success”, CEO Jerry Jiao said. “The operation has delivered its first three quarters above nameplate and our focus is now on optimising processes, increasing efficiencies and reducing costs.”

“Transport logistics at Las Bambas also performed well”, he said. “We have reduced our site inventory to normal operating levels and continue to work closely with the government and communities to encourage dialogue and build enduring development for the region.”

With grid-sourced power now making up 90% of requirements, production at Kinsevere was 19,349 tonnes of copper cathode.  Sepon processed at an annualised rate 66% above design capacity at 3 million tonnes, producing 16,850 tonnes of copper cathode despite ongoing transition to lower grade, more complex ores.  Lead and zinc production at Rosebery was in line with expectations with lower zinc feed grades partially offset by improved recoveries.

“This operating result is an example of our ability to drive asset utilisation and cost performance against mine, ore grade, logistics and processing challenges,” said Mr Jiao.

The development of the Dugald River project is now over 58% complete and remains on track to achieve production of first concentrate in the first half of 2018.

MMG expects to produce 560,000-615,000 tonnes of copper and 65,000-72,000 tonnes of zinc in 2017.

Please download a full copy of the MMG First Quarter 2017 Production Report.