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2023 Second Quarter Production Result

MMG Limited (MMG, the Company) today released its production result of the second quarter of 2023, producing 92,847 tonnes of copper and 49,826 tonnes of zinc for the three months to 30 June 2023.

MMG Interim CEO, Liangang Li said that the second quarter saw an increase production across all operations, compared to the first quarter of 2023.

“MMG achieved a 109% increase in copper production in the second quarter, compared to the same period in 2022. Las Bambas achieved a 153% increase as mining operations returned to full capacity and the team achieved the highest quarterly milling throughput since 2019.”

“With greater stability along the Southern Road Corridor, Las Bambas concentrate transportation has remained uninterrupted since the removal of roadblocks in March. Pleasingly, we achieved record high sales of around four hundred and seventeen thousand (417,000) tonnes of copper concentrate in the second quarter, including selling almost all stock at the port and around forty-three percent (43%) of sales revenue contributed by draw-down of stockpiles.”

Mr Li noted that production at Kinsereve fell 7% compared to the prior corresponding period mainly due to unstable power supply from the national grid, as well as a planned shutdown for the installation work of the cobalt plant.

“Total zinc production of 49,826 tonnes was 7% below the prior corresponding period with Dugald River’s focus remaining on the safe ramp-up of operations following an operational restart in late March. Having fully recovered from lost production time in the first quarter related to the bushfire incident, Rosebery zinc concentrate production was higher in the second quarter.”

The Company’s focus for the second half of the year remains on progressing our growth projects in Las Bambas and Kinsereve. The Las Bambas team is working hard to reach enduring agreements for the development of the Chalcobamba deposit with the Huancuire community. We remain optimistic that the development can commence by the end of 2023.

“The construction of our Kinsevere expansion project is on track. During the second quarter, we completed much of the structural and mechanical installation for the cobalt plant and civil work continued for the concentrator and commenced for the roaster and acid plant.”

“We expect the first cobalt production in the second half of the year and the first copper cathode from sulphides in 2024. The Kinsevere Expansion Project is expected to extend the mine life to 2035 and take annual production up to one hundred thousand (100,000) tonnes of copper equivalent production once we reach full ramp-up in 2025.” Mr Li said.

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