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2022 First Quarter Production Result

MMG Limited (MMG) today released its production result for the first quarter of 2022, delivering 79,058 tonnes of copper and 49,736 tonnes of zinc in the three months to 31 March 2022.

MMG Interim CEO, Liangang Li said the Company delivered solid production in the first quarter while working to overcome workforce availability in Australia as a result of COVID-19 restrictions.

“Copper production in the first quarter was 2% above the prior corresponding period on the back of higher mill throughput and recovery rates at Las Bambas. Zinc production was 27% below the prior corresponding period as Covid-19 impacted workforce availability and Dugald River and Rosebery contended with lower ore grades, in line with the planned mining sequence across both mines,” said MMG Interim CEO Liangang Li.

Mr Li said the Company was focused on its next target – delivering growth in its African and Latin American operational hubs.

“In March we announced the investment approval of the Kinsevere Expansion Project and the receipt of permits for the development of the Chalcobamba pit in Las Bambas from the Peru Ministry of Energy and Mines. These projects will add in excess of 150,000 tonnes of copper equivalent production per annum by 2025 offering a strong production outlook as demand for our products increases amid a global shift toward decarbonisation,” he added.

Mr Li added that the Company will continue to take a proactive approach to managing community relations in Peru in order to ensure the development of Chalcobamba and to maintain smooth operations for the Las Bambas mine.

“We are disappointed by the actions taken by local community members on 14 April 2022. We provide large social investment and business support to local communities and take our commitments seriously. Las Bambas is a significant contributor to the local, regional and national economies and we will continue to pursue peaceful and constructive dialogue with the aim of reaching an enduring solution,” Mr Li said.

With higher production rates at Las Bambas and Kinsevere expected in the second half, the Company maintains its full year copper guidance in the range between 345,000-370,000 tonnes.  Full year zinc production guidance is also maintained in the range of 225,000-255,000 tonnes.

Please download the full copy of the MMG First Quarter 2022 Production Report.