MMG Limited has announced its production figures for the second quarter of 2026. The total copper production, encompassing both cathode and copper in concentrate, reached 137,843 tonnes. Total zinc production, measured as zinc in concentrate, was 55,538 tonnes. Both figures remained largely consistent with the corresponding period in 2025.
At the Las Bambas operation, copper in concentrate output was 109,192 tonnes, representing a 5% decrease year-on-year. The average ore grade for the quarter was 0.86%, lower than the previous year, primarily due to the mining sequence. However, metallurgical recovery remained robust at 89.8%.
The Kinsevere mine reported electrolytic copper production of 16,980 tonnes, a significant 24% increase compared to the same quarter last year. This growth was driven by the continued ramp-up of the sulphide ore processing facility and increased mining activity at the Nambulwa satellite pit.
Production of copper in concentrate from the Khoemacau mine was 11,423 tonnes, essentially flat year-on-year. An improvement in the copper grade from the Zone 5 orebody offset the impact of lower processing volumes.
The Dugald River mine achieved zinc in concentrate production of 46,082 tonnes, marking a 6% increase. This was attributed to higher processing volumes and a consistently strong zinc recovery rate exceeding 90%.
At Rosebery, zinc equivalent production totaled 33,618 tonnes, broadly in line with the second quarter of 2025. Increased contributions from silver and gold production offset a 25% year-on-year decline in zinc output, which fell to 9,456 tonnes.
For the second quarter of 2026, total gold production was 28,119 ounces, down 9%, while total silver production rose 13% to 2,825,891 ounces. Favorable precious metal prices and steady production delivered substantial by-product credits, positively impacting the C1 cost for the first half of 2026.
The Total Recordable Injury Frequency Rate for the quarter was 2.19 per million hours worked, up from 1.92 in the first quarter, mainly due to an increase in reported recordable injuries. The Significant Event with Energy Exchange Frequency was 0.82, higher than the 0.27 recorded in the prior quarter, reflecting an increase in related incident reports. All operations continue to focus on strengthening safety performance.
All five operations—Las Bambas, Kinsevere, Khoemacau, Dugald River, and Rosebery—are progressing in line with their plans and remain on track to meet the full-year 2026 production guidance.
Based on first-half cost performance and the current market environment, MMG has revised its 2026 C1 cost guidance downwards for three operations. The new guidance for Las Bambas is $0.85 to $1.05 per pound, revised from $1.20 to $1.40. For Khoemacau, the new range is $1.70 to $2.00 per pound, down from $2.00 to $2.30. The guidance for Rosebery has been adjusted to negative $1.50 to negative $1.00 per pound, from the previous range of negative $0.60 to negative $0.10 per pound.
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