MMG Copper Output Reaches a Seven-Year High on Las Bambas Strength

MMG

MMG copper output reached a seven-year high in 2025 as Las Bambas delivered much stronger operating performance. The Chinese miner produced 506,899t of copper last year, up 27pc from 2024. Record ore mined, ore processed, and recovery rates lifted Las Bambas copper production sharply. As a result, MMG copper output now reflects both better mine execution and stronger asset contribution across its portfolio.

Las Bambas remained the main driver of group copper growth in 2025. The Peruvian mine produced 410,834t of copper in concentrate, also up 27pc year on year. MMG has set a 400,000t target for 2026, which suggests management expects stable, high-volume performance rather than another major jump. Therefore, Las Bambas copper production will remain central to MMG’s near-term copper strategy.

MMG’s broader base metal portfolio also showed mixed momentum in 2025. Copper cathode production at Kinsevere in the Democratic Republic of the Congo rose 18pc to 52,791t. Meanwhile, zinc production increased 6pc, while lead output fell 5pc. That mix shows MMG is growing copper fastest while keeping broader polymetallic exposure.

Las Bambas and Khoemacau Are Expanding MMG’s Copper Growth Platform

Khoemacau is becoming MMG’s next major copper growth engine. The Botswana mine produced 42,120t of copper in concentrate in 2025, up 36pc from a year earlier. MMG aims to lift capacity to 130,000 t/yr, compared with projected 2026 output of 48,000-53,000t. Consequently, the operation could become one of the company’s most important medium-term expansion assets.

Exploration upside could make Khoemacau even more strategic. MMG sees potential to raise output further to 200,000t/yr of copper in concentrate. The company plans to start a pre-feasibility study for that next phase in 2026. Meanwhile, Kinsevere’s expansion should support higher cathode output of 65,000-75,000t this year. Together, these projects give MMG a more diversified copper growth profile.

Copper TC/RC Decline Shows Concentrate Supply Still Looks Tight

The copper TC/RC decline shows that rising mine output has not solved concentrate market tightness. The Metalnomist weekly TC/RC index for smelter purchases fell to negative territory by 31 December 2025. It dropped to -$44.60/t and -4.46¢/lb from positive levels at the start of the year. Therefore, copper concentrate supply still looks structurally tight despite MMG’s stronger volumes.

New smelting capacity is intensifying that pressure across the supply chain. The trader purchase index fell even more sharply to -$102.30/t and -10.23¢/lb. That move suggests smelters are competing aggressively for limited concentrate availability. As a result, MMG copper output growth matters not only for its own earnings, but also for a market still short of feedstock.

MMG’s 2025 performance highlights an important copper market reality. Large producers can lift output, but downstream tightness can still worsen. That combination supports miners with growing copper units, especially those with expansion options already in motion.

The Metalnomist Commentary

MMG’s copper growth story is no longer just about Las Bambas. It is becoming a multi-asset expansion case supported by Botswana and the DRC. However, the deeper market signal is that concentrate remains tight, which keeps quality copper growth strategically valuable.