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MMG's copper production falls in March quarter due to lower grades at Las Bambas

Kitco Media
By Vladimir Basov
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(Kitco News) - Globally diversified mining company MMG reported today that its Q1 2023 total copper production (copper cathode plus copper concentrate) was 68,954 tonnes, 13% below the prior corresponding period.

The company said that the decline in copper output was primarily due to lower milled ore grades at Las Bambas with increased processing of low-grade ore stocks as a supplement to the reduced mined ore supply caused by the widespread social unrest.

However, MMG noted that Kinsevere production increased by 5% from the prior comparable period due to an increased supply of higher-grade third-party ore and the supply of mined ore following the resumption of mining in April 2022.

The company added that its full year copper production guidance is maintained at between 305,000 and 353,000 tonnes but is subject to continued supply, people and logistics access to the Las Bambas site.

MMG’s total zinc production of 30,650 tonnes was 38% below the prior corresponding period primarily due to the suspension of operations at Dugald River following the fatal incident.

Rosebery zinc concentrate production was also lower due to lost production time in January related to the bushfire incident at the end of December 2022, lower workforce availability, and lower ore grades.

The company’s full year zinc production guidance is now expected to be between 190,000 and 215,000 tonnes, lower than the prior guidance reflecting the 34-day production suspension and subsequent ramp-up at Dugald River.

Headquartered in Melbourne, Australia, MMG is a mid-tier, global producer of base metals including copper and zinc. The company is listed on the Hong Kong Stock Exchange (HKEx: 1208) and operates and develops copper, zinc, gold, silver and lead deposits across Australia, the Democratic Republic of the Congo and Peru. The major shareholder of the company is China Minmetals.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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