MMG (01208) announced that it delivered a robust operational performance in 2025, with multiple mines achieving or nearing record-high production levels. The company's total annual copper production increased by 27% year-on-year to 506,900 tonnes, primarily driven by the strong operational performance of its flagship mine, Las Bambas. Total zinc production grew by 6% to 232,100 tonnes, largely due to a record annual output from the Dugald River mine. In 2025, MMG's precious metals output also performed exceptionally well, with high-value by-products making a positive contribution to mine revenue and C1 costs. Total annual gold production reached 118,100 ounces (up 22% year-on-year), and total silver production reached 10.5648 million ounces (up 17% year-on-year). These substantial production volumes, combined with sustained high realized prices, generated significant by-product revenue for the company, effectively reducing the C1 costs across its mines. This outcome reflects the company's strategic focus on maximizing by-product value, which helps enhance overall profitability. As a crucial component of MMG's revenue stream, precious metals play a key role in supporting the company's overall financial performance and resilience, particularly during favorable market conditions.
Las Bambas produced a total of 410,800 tonnes of copper in concentrate, marking the second-highest annual production record in the mine's history and exceeding the upper end of the original production guidance. This achievement was supported by record highs in both material mined and milled, coupled with consistently high milling recovery rates. Through targeted efficiency improvements, strategic equipment upgrades, and optimizations to flotation reagent ratios, the mine's overall operational efficiency was significantly enhanced. Furthermore, with the support of the "Corazón de Las Bambas" (Heart of Las Bambas) program, the mine has achieved stable operations for two years and ten months consecutively.
Kinsevere produced 52,800 tonnes of electrolytic copper, an 18% increase from 2024, reflecting the continued ramp-up of the Kinsevere Expansion Project (KEP). Long-term instability in power supply has constrained the operation of electrowinning plant equipment. In response, the mine has implemented several countermeasures, including replacing aging cathode and anode plates and improving power availability. Initial results were seen in December 2025, with further improvements anticipated in the next quarter.
Khoemacau produced a total of 42,100 tonnes of copper in concentrate. Although operational performance improved towards the end of the year, full-year production was slightly below the lower end of the guidance due to a temporary limitation in ore supply caused by a mining contractor transition in the third quarter. As mining activities expanded to the northern part of Zone 5, leading to improved head grades and recovery rates, the mine's operations showed signs of recovery by year-end.
Dugald River achieved a record annual zinc production, yielding 483,500 tonnes of zinc in concentrate, meeting the upper end of its production guidance. The mine reached a significant milestone by processing over 2 million tonnes of ore for the first time. This performance demonstrates the operation's resilience, as production has fully recovered despite being impacted by unexpected severe weather early in the year.
Rosebery produced a total of 48,600 tonnes of zinc in concentrate. The mine successfully executed its strategy of maximizing total asset value, achieving a zinc equivalent production of 140,000 tonnes. This result was primarily driven by strong by-product credits and the implementation of a zinc equivalent strategy designed to maximize the asset's overall value.
In December 2025, the Board approved a feasibility study for the Khoemacau expansion project, marking a significant strategic milestone. The project is expected to increase the mine's annual production capacity to 130,000 tonnes of copper in concentrate and boost associated silver output to over 4 million ounces per year, forming a key component of MMG's growth plan. Looking ahead, ongoing exploration activities at the Khoemacau mine have identified potential for further expansion, with the possibility of increasing annual capacity to 200,000 tonnes of copper in concentrate. The company plans to commence a pre-feasibility study for the next phase of expansion in 2026.
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