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2022 Second Quarter Production Result

MMG Limited (MMG) today released its production result for the second quarter of 2022, delivering 44,514 tonnes of copper and 53,488 tonnes of zinc in the three months to 30 June 2022.

MMG Interim CEO, Liangang Li said MMG’s copper production was significantly impacted by the community actions which halted production over safety concerns for more than 50 days during the quarter. Production at Las Bambas recommenced on 11 June following an agreement by community members to cease protest activities and engage in a peaceful dialogue process.

“During the second quarter our Las Bambas team has continued to engage with ongoing dialogue and every effort has been made to transparently and comprehensively review the existing commitments with community members. We are thankful to the Government of Peru for their efforts in seeking a resolution to the current impasse and we remain committed to ongoing dialogue,” Mr Li said.

“Las Bambas is a major contributor to the local, regional and national economies of Peru and MMG has provided significant social investment and business support to local communities since we started production in July 2016. This world-class operation has a bright future and we will continue to drive our contribution to our local communities, the broader Apurimac region and at a national level, to Peru,” he added.

Lower copper production due to community challenges at Las Bambas was partially offset by strong production at Kinsevere which produced 12,250 tonnes of copper cathode in the second quarter, representing a 24% increase on first quarter’s production as mining activity resumed following a temporary suspension in the fourth quarter of 2020.

Zinc production in the second quarter was 8% higher than in the second quarter of 2021 as the impacts of COVID-19 in Queensland eased in the second quarter, improving the overall workforce availability levels and helping to stabilise production rates.

Due to impacts arising from the extended shut at Las Bambas and uncertainties regarding dialogue outcomes, the Company temporarily withdraws its 2022 production guidance at Las Bambas and will provide a further update in its Interim Report. The Company maintains its full year zinc production guidance in the range of 225,000-255,000 tonnes.
Please download the full copy of the MMG Second Quarter 2022 Production Report.