Home / Report / 2023 Third Quarter Production Result

2023 Third Quarter Production Result

MMG Limited (MMG, the Company) today released its third quarter production result for the three months to 30 September 2023, producing 94,050 tonnes of copper and 59,229 tonnes of zinc.

MMG Interim CEO, Liangang Li said that MMG delivered higher copper and zinc production in the third quarter when compared to the prior quarter driven by stronger production at Las Bambas in Peru and the Dugald River in Australia.

“Production at our Las Bambas operation was at capacity during the third quarter with higher throughput and recovery as well as uninterrupted transport which enabled us to reduce inventories held on site.”

“We remain committed to working closely with the Government of Peru and communities to secure the next stage of Las Bambas development. We are making steady progress with the Huancuire community regarding the Chalcobamba development and recommenced formal dialogue in early October.”

While production at the Kinsevere mine was 16% below the prior corresponding quarter due to lower throughout – driven by unstable power supply from the national grid – the site made significant progress on the Kinsevere Expansion Project.

“The Kinsevere Expansion Project continues to advance with the site achieving a major milestone in the third quarter with the completion of the mechanical construction of the cobalt plant. The commissioning of the plant commenced in September and will continue in the fourth quarter,” Mr Li said.

“Additionally, the pre-stripping of Sokoroshe II is on track, along with the establishment of all mining infrastructure, and the construction a 30km haul road connecting the satellite site to Kinsevere,” he added.

The Company’s Australian operations delivered solid production output in the third quarter with Dugald River maintaining full production following a ramp up in the second quarter. Strong processing plant performance helped the site achieve a zinc recovery rate of 90.6% and a record-high lead recovery rate of 69.3%. Production at Rosebery mine was down slightly on the prior quarter as a result of a higher proportion of ore being sourced from deeper areas of the mine.

Full year copper production guidance has been revised to the higher end of the previous guidance and is now expected to be in the range of 328,000 to 353,000 tonnes. Zinc production guidance is expected to be in the range of 188,000 to 203,000 tonnes.

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