MMG Limited (MMG) will seek independent shareholder approval on 29 October 2026 to lift the annual caps governing copper-concentrate sales to its controlling shareholder China Minmetals Non-ferrous Metals (CMN) under the long-term CMN Framework Offtake Agreement.
MMG plans to raise the cap on copper contained in concentrate that may be sold to CMN Group from the Las Bambas mine to 250,000 tonnes for 2026 and 264,000 tonnes for 2027. The current caps, set in 2014, stand at 224,000 tonnes for each of those years. The new limits reflect: • Expected maximum production of about 400,000 tonnes of copper contained in concentrate per year at Las Bambas. • CMN’s contractual entitlement to 57.31 % of annual output. • An over-production buffer of 9 % for 2026 and 15 % for 2027.
During 2023-1H 2026 MMG delivered 753,000 tonnes of copper in concentrate to CMN, representing utilisation of 56.7 %–84.5 % of the existing caps. Production at Las Bambas has risen since 2014 estimates; MMG reported output of 410,834 tonnes in 2025 and targets 380,000–400,000 tonnes for 2026.
The offtake agreement, in force for the life of the Peruvian mine, prices concentrate at London Metal Exchange copper prices plus silver and gold credits, less market-based treatment and refining charges. Somerley Capital Limited, acting as independent financial adviser, confirmed that life-of-mine offtake terms are in line with industry practice and that the revised caps are fair and reasonable.
Directors connected to CMN—holding 63.72 % of MMG through Minmetals HK—have abstained from voting on the board resolution. An Independent Board Committee comprising all MMG independent non-executive directors recommends shareholders approve the new caps. The extraordinary general meeting will be held in Hong Kong on 29 October 2026 at 10:00 a.m., with votes to be taken by poll.
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