MMG Raises Copper Concentrate Output on Las Bambas and Khoemacau Gains

MMG

MMG raises copper concentrate output in the first half of 2025. The Minmetals subsidiary posted a 70% year-on-year surge. MMG raises copper concentrate output through stronger runs at Las Bambas and Khoemacau.

Peru and Botswana drive gains

Las Bambas anchored the surge. First-half copper concentrate reached 210,637 tonnes, up 67% year on year. Second-quarter ore grade rose to 0.94% with 94.3% recoveries. Management kept 2025 guidance at 360,000–400,000 tonnes. However, social unrest risks in Peru still linger. Khoemacau contributed 22,043 tonnes after the 2023 acquisition. MMG plans an expansion to 130,000 tonnes a year by 2028. The mine targets 43,000–53,000 tonnes in 2025.

Kinsevere cathode ramps; zinc and lead lag

Kinsevere in the DRC lifted copper cathode output by 19% to 25,425 tonnes. The expansion delivered first cathode in September 2024. Full-year cathode guidance stands at 63,000–69,000 tonnes. Meanwhile, zinc and lead output declined. Dugald River faced fire and floods, while Rosebery grades softened.

MMG raises copper concentrate output as miners chase tight smelter feed. Higher tonnages support treatment circuits across Peru and Botswana. However, execution risk and community issues still require careful scheduling.

Diversified assets spread operational risk across three regions. Yet local disruptions can still compress guidance ranges. Investors will watch the Khoemacau expansion milestones closely.

The Metalnomist Commentary

The step-change at Las Bambas and Khoemacau tightens MMG’s grip on concentrate supply. Watch social stability in Peru and the Khoemacau build for schedule risk. Kinsevere’s cathode ramp adds refined balance, tempering volatility in concentrates.