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China-controlled MMG reports copper output down, zinc up in Q1 2021

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(Kitco News) - MMG reported today that its total copper production of 77,328 tonnes in Q1 2021 was in line with the plan despite being 16% lower compared to the corresponding Q1 2020.

The company said that this was primarily due to lower ore grades reflecting the current phase of the Las Bambas mine plan and the processing of stockpiled ore at Kinsevere. Higher production rates for both Las Bambas and Kinsevere are expected in the second half of 2021 and full year copper production guidance is maintained at between 360,000 and 390,000 tonnes.

MMG’s total zinc production of 68,399 tonnes was 29% above the prior corresponding period as both Dugald River and Rosebery mines benefited from higher ore grades and strong operational performance. Full year zinc production guidance is maintained at between 240,000 to 260,000 tonnes.

MMG operates and develops copper, zinc and other base metals projects across Australia, the Democratic Republic of the Congo and Peru. MMG’s major shareholder is China Minmetals Corporation (CMC). CMC currently owns approximately 74% of the total shares of MMG, with the remaining 26% owned by public shareholders including global resources and investment funds.

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