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2023 Fourth Quarter Production Result

MMG Limited (MMG, the Company) today released its Fourth Quarter production result for the three months to 31 December 2023, producing 91,079 tonnes of copper and 63,765 tonnes of zinc.

Total Recordable Injury Frequency (TRIF) for the fourth quarter was 1.13 per million hours worked. While the full year TRIF was slightly higher at 1.97, MMG Interim CEO Liangang Li said the Company remembered the tragic loss of Dugald River contractors, Dylan Langridge and Trevor Davis in February 2023.

“The tragic loss of Dylan and Trevor reinforces our commitment to continuing to learn from, and to reducing those significant potential incidents with high consequence.”

Commenting on the MMG’s performance Mr Li said that all sites delivered strong results in the final quarter of 2023 with production and cost performance in line with, or outperforming, updated guidance.

“Copper production in 2023 was 14% higher than in 2022 driven by uninterrupted operations at Las Bambas. This result further demonstrates the site’s strong operational performance throughout the year which included achieving a record high in milled ore and the second highest annual sales volume, with over 1.1 million tonnes of concentrate sold.”

“In 2024 we will continue to maintain our focus on operational performance and to securing the next phase of Las Bambas’ development. We are working closely with the Huancuire community and have signed five contracts with community companies that have enabled early works to commence at Chalcobamba,” he added.

Copper production at the Kinsevere mine was 10% lower than in 2022 largely due to unstable power supply from the national grid. The construction of the Kinsevere Expansion project continues to advance with the cobalt plant commissioned in the fourth quarter.

Zinc production at Dugald River mine was 6% percent higher than the corresponding period in 2022. While annual production was 12% lower than in 2022, due to the impact of suspension of operations in the first quarter. The site demonstrated strong performance across mining and processing achieving a zinc recovery rate of 89.8% and a record high of 90% for the year.

Annual production at Rosebery mine was 1% above 2022 levels with the ore mined and milled volume results in the fourth quarter the highest for the year, largely driven by the mining sequence.

Looking to 2024, Mr Li said that the Company will continue to maintain its focus on operational excellence while also looking to drive a growth across the portfolio.

“We delivered robust operational performance in the final quarter which is a testament to our ongoing commitment to drive better operational outcomes across all assets. In 2023 we also achieved the major milestone through the acquisition of the Khoemacau mine, and this asset, together with our commitment to grow our existing operations will ensure that we can achieve a meaningful uplift of production across the group.”

Full year copper production guidance is expected to be in the range of 319,000 – 364,000 tonnes. Zinc production guidance is expected to be in the range of 225,000 – 250,000 tonnes.

Please download the full copy of the Fourth Quarter 2023 Production Report here.