MMG (01208) has announced that its total copper production, including electrolytic copper and copper contained in copper concentrate, rose 3% year on year to 131,200 tonnes in the third quarter of 2026, mainly driven by higher output at Kinsevere and Khoemacau.
Total zinc production fell 5% year on year to 55,900 tonnes, mainly reflecting lower output at Rosebery.
Copper contained in copper concentrate at Las Bambas reached 100,300 tonnes, down 3% year on year, mainly due to lower copper head grade and recovery rates caused by the mining sequence and ore characteristics processed during the quarter. These effects were partly offset by strong plant throughput, with quarterly ore processing reaching the second-highest level in history.
Molybdenum production rose 61% year on year to 1,098 tonnes, reflecting improved recovery rates and bringing higher by-product value.
Copper production at Kinsevere reached 19,400 tonnes, up 31% year on year, mainly thanks to increased mining activity and the continued ramp-up of the sulphide ore processing facility. Power supply reliability continued to improve, and the cobalt plant resumed operations in July.
Copper contained in copper concentrate at Khoemacau reached 11,200 tonnes, up 24% year on year, mainly driven by higher copper head grade and improved recovery rates. The paste backfill plant was commissioned during the quarter and entered the ramp-up phase, which will help improve ore recovery and mining flexibility and advance underground development work.
Zinc contained in zinc concentrate at Dugald River reached 47,800 tonnes, broadly flat compared with the same period in 2025, mainly supported by higher zinc head grade and sustained strong recovery rates. The higher head grade drove silver production to a record quarterly high.
Zinc equivalent production at Rosebery reached 26,700 tonnes, down 16% year on year. Zinc production fell 23% to 8,130 tonnes, mainly because ore supply declined following a seismic event in the X-South orebody area since July. Higher silver grades partly offset the impact of lower zinc production on zinc equivalent output.
Total gold production fell 14% year on year to 23,800 ounces, while total silver production rose 13% year on year to 2.946 million ounces. Silver output increased across the entire asset portfolio, with Dugald River setting a quarterly record, delivering substantial by-product revenue and contributing to a year-to-date reduction in C1 costs.
Las Bambas is expected to produce about 400,000 tonnes of copper contained in copper concentrate in 2026, at the upper end of the guidance range. Kinsevere's electrolytic copper output is expected to reach the upper end of its guidance range of 65,000 to 75,000 tonnes. Khoemacau's copper production guidance was lowered from 48,000 to 53,000 tonnes to 43,000 to 48,000 tonnes, mainly reflecting earlier delays in development progress and equipment availability constraints. Dugald River's zinc contained in zinc concentrate output is still expected to reach the upper end of its guidance range of 170,000 to 180,000 tonnes. Following the seismic event in the X-South orebody area, Rosebery's zinc production guidance was lowered from 45,000 to 55,000 tonnes to 32,000 to 37,000 tonnes, and its zinc equivalent production guidance was cut from 125,000 to 140,000 tonnes to 115,000 to 125,000 tonnes.
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