MMG (01208) copper total production in 2025 is 506,900 tons, a year-on-year increase of 27%.

MMG (01208) announced that in 2025, the overall operational performance of MMG was robust, with many mines achieving or approaching historical record production levels. The company's total copper production for the year increased by 27% year-on-year to 506,900 tons, mainly due to the strong operational performance of the flagship mine Las Bambas. Zinc production increased by 6% to 232,100 tons, primarily driven by the record annual production at the Dugald River mine. In 2025, MMG's precious metal production also performed well, with high-value by-products making a positive contribution to mine revenue and C1 costs. The total gold production for the year reached 118,100 ounces (a 22% increase year-on-year), and total silver production reached 10,564,800 ounces (a 17% increase year-on-year). These significant production combined with sustained high prices resulted in significant by-product revenue for the company, effectively reducing the C1 costs of each mine. This achievement reflects the company's strategic focus on maximizing the value of by-products, contributing to enhancing overall profitability. Precious metals, as an important source of income for MMG, played a key role in supporting the company's overall financial performance and resilience, especially in favorable market conditions. Las Bambas: Produced 410,800 tons of copper concentrate, setting the second-highest annual production record in mine history, and exceeding the original production guidance limit. This achievement was attributed to record high mining and processing volumes, while maintaining a high recovery rate. Through targeted efficiency improvements, strategic equipment upgrades, and improved flotation reagent ratios, the overall operational efficiency of the mine was significantly improved. Additionally, with support from the "Corazn de Las Bambas" (Heart of Las Bambas) plan, the Las Bambas mine has achieved stable operation for two consecutive years and ten months. Kinsevere: Electrolytic copper production reached 52,800 tons, an 18% increase from 2024, reflecting the continuous capacity ramp-up of the Kinsevere Expansion Project (KEP). Long-term unstable electrical supply has limited the operation of the electro-refining plant. To address this, the mine has implemented several measures, including replacing aging cathode and anode plates, as well as increasing power availability. The effects were seen in December 2025, with further improvements expected in the next quarter. Khoemacau: Produced 42,100 tons of copper concentrate. Despite improved operational performance in the final stages of the year, temporary restrictions on ore supply due to the turnover of mining contractors in the third quarter resulted in slightly lower production than the lower end of the production guidance. With the expansion of mining areas to the northern region, the grade and recovery rate have increased, leading to improved mine operations at the end of the year. Dugald River: Achieved a new annual high in zinc production, producing 483,500 tons of zinc concentrate, reaching the upper limit of the production guidance. The mine achieved an important milestone with processing volumes breaking through 2 million tons for the first time. This performance demonstrates the operational resilience of the mine, even though it experienced adverse weather conditions at the beginning of the year, the mine production has fully recovered. Rosebery: Produced 48,600 tons of zinc concentrate. The mine successfully implemented its strategy to maximize asset value, with zinc equivalent production reaching 140,000 tons. This achievement was mainly due to strong by-product revenue and the implementation of a strategy to maximize asset value. In December 2025, the board approved the feasibility study of the Khoemacau expansion project, marking a significant strategic milestone. The project is expected to increase the mine's annual production capacity to 130,000 tons of copper concentrate and exceed 4 million ounces of silver production, forming an important part of MMG's growth plan. Looking ahead, through ongoing exploration activities, Khoemacau mine has identified the potential for further expansion, with annual production capacity expected to increase to 200,000 tons of copper concentrate. The company plans to commence the pre-feasibility study for the next phase of expansion in 2026.