MMG copper output 2025 hits seven-year high on Las Bambas surge

MMG

MMG copper output 2025 hit a seven-year high as the Chinese miner leveraged strong performance at Las Bambas in Peru. MMG copper output 2025 reached 506,899t, with growth underpinned by record ore mined, processed and recovered across its global portfolio. As a result, MMG copper output 2025 highlights how Chinese-backed assets are reshaping global copper supply and treatment charge dynamics.

Las Bambas and Khoemacau anchor MMG’s copper growth

Las Bambas drove most of the increase in MMG copper output 2025. The Peruvian mine produced 410,834t of copper in concentrate, up 27pc year on year. Higher ore mining rates, improved plant throughput and stronger recovery combined to lift site performance.

MMG set a 400,000t production target for Las Bambas in 2026, signalling confidence in the mine’s stability. However, community risks and logistics in Peru will remain key watchpoints for traders and smelters. Higher sustained output from Las Bambas will reinforce Peru’s position as a core supplier to Asian and Atlantic copper markets.

Khoemacau in Botswana added new growth momentum to MMG’s profile. The mine delivered 42,120t of copper concentrate in 2025, up 36pc from 2024. MMG plans to expand Khoemacau’s capacity to 130,000 t/yr by 2028, with longer-term potential to reach 200,000 t/yr after further studies.

DRC expansion and tightening treatment charges

MMG’s Kinsevere operation in the Democratic Republic of the Congo contributed to the stronger MMG copper output 2025. Copper cathode production at Kinsevere rose 18pc to 52,791t. An expansion project, which delivered its first cathode in late 2024, should push annual output to 65,000–75,000t in 2026. This reinforces the DRC’s role as a key growth hub for refined copper supply.

Meanwhile, MMG reported a mixed picture in other base metals. Zinc output increased by 6pc to 232,060t, while lead production slipped 5pc to 39,608t. However, the broader copper concentrate market remained the tightest stress point for smelters. Concentrate supply lagged new smelting capacity, pushing treatment and refining charges (TC/RCs) deep into negative territory.

Smelter TC/RC benchmarks turned sharply lower through 2025, reflecting a continued shortage of clean copper concentrate. The Metalnomist smelter purchase index fell from slightly positive levels in early 2025 to significantly negative by year-end. Trader purchase indices weakened even further as competition intensified for spot tonnes. This environment favours well-positioned miners like MMG with scalable, low-cost concentrate streams.

Strategic implications for global copper supply

The step-up in MMG copper output 2025 underscores the influence of Chinese state-linked capital in strategic copper regions. Las Bambas, Khoemacau and Kinsevere together form a diversified platform across Peru, Botswana and the DRC. This geographic spread reduces single-asset risk while deepening China’s indirect exposure to offshore copper units.

For smelters, MMG’s growth slightly eases concentrate tightness but does not fully resolve structural deficit. New Asian and European smelting projects continue to outpace mine supply growth, keeping downward pressure on TC/RCs. As a result, smelters face margin squeeze unless by-product credits or premiums can offset weaker treatment terms.

Downstream, strong MMG copper output 2025 supports long-term energy transition demand. Additional tonnes from Las Bambas and future Khoemacau expansions will feed wiring, renewables, EVs and grid investments. However, the aggressive project pipeline also depends on stable permitting, local community relations and predictable fiscal regimes in host countries.

Focus keyphrases: MMG copper output 2025, Las Bambas copper, Khoemacau Botswana copper, Kinsevere DRC copper, copper concentrate TC/RCs, global copper supply growth

The Metalnomist Commentary

MMG copper output 2025 reinforces the miner’s position as a pivotal supplier into a structurally tight copper concentrate market. While rising volumes from Las Bambas, Khoemacau and Kinsevere are welcome news for smelters and traders, they arrive in a world where new refining capacity still outstrips mine growth. Expect continued pressure on TC/RCs and a premium for diversified, scalable copper producers like MMG as the energy transition accelerates.

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.

Barminco to Exit Khoemacau Copper Mine as MMG Plans Major Expansion

Perenti Mining

Australian mining contractor Barminco will exit operations at the Khoemacau copper mine in Botswana on 30 June 2025. The withdrawal follows a strategic decision by parent company Perenti based on financial performance shortfalls. Despite playing a critical role since the mine’s 2019 startup, Barminco did not meet internal performance targets to justify its continued involvement in the project.

Barminco’s exit marks a turning point for the Khoemacau project, now fully controlled by Chinese mining company MMG, which acquired the asset in March 2024. Under the exit terms, Barminco will sell all of its mining equipment on site to MMG, signaling a full operational handover. This development aligns with MMG’s broader ambitions to scale copper production in Botswana, a region gaining importance for global copper supply diversification.

MMG Sets Aggressive Growth Targets for Copper Output

Khoemacau’s output reached 30,961 tonnes in 2024, contributing $34 million EBITDA to MMG during its first quarter of ownership. MMG now plans to raise output to 43,000–53,000 tonnes in 2025. More notably, the company has announced an expansion project scheduled for 2026, targeting an annual copper output of 130,000 tonnes by 2028.

This aggressive production roadmap underlines MMG’s strategy to secure long-term copper supply amid global energy transition demands. Botswana’s political stability and proximity to southern African transport routes offer favorable conditions for scaling copper exports. With Barminco's departure, MMG gains full operational control and flexibility to execute its long-term plans.

Strategic Implications for African Copper Projects

The Barminco Khoemacau copper mine exit reflects broader trends in mining services consolidation and risk-based contracting strategies. While Barminco exits due to profitability issues, MMG's rapid operational expansion underscores the increasing value of tier-two copper jurisdictions like Botswana. As copper remains central to renewable energy infrastructure, the industry's focus on Africa will likely intensify.

Other Chinese mining firms may follow MMG's lead in acquiring and scaling African copper assets, particularly as supply concerns grow across traditional producers. The Khoemacau expansion could also attract infrastructure investment and regional supply chain development.

The Metalnomist Commentary

Barminco’s exit signals a shift in risk appetite among mining contractors, while MMG’s expansion bets on rising long-term copper demand. As Botswana positions itself as a rising copper player, operational control and investment from majors like MMG will shape the region’s strategic metal output.

MMG expands Khoemacau copper mine with $900mn Botswana buildout

MMG

MMG expands Khoemacau copper mine after approving a major capacity upgrade in Botswana. The company will invest $900mn in a new processing plant. As a result, MMG expands Khoemacau copper mine output toward 130,000 t/yr by 2028.

The expansion centers on a new 4.5mn t/yr ore processing facility. MMG expects commissioning in the first half of 2028. Meanwhile, the project targets lower operating costs and higher copper unit volumes.

Lower cash costs reshape competitiveness

MMG expands Khoemacau copper mine while it targets a sharper cost curve position. The company expects cash costs below $1.60/lb after completion. However, Khoemacau reported $2.05/lb cash cost in the first half of 2025.

Lower cash costs can improve resilience during price pullbacks. Therefore, the project can keep throughput stable during tighter treatment charges. Stronger economics also improve financing options for future phases.

What it means for copper concentrate market tightness

MMG expands Khoemacau copper mine as the copper concentrate market tightness persists. The company links demand growth to electrification and data center construction. As a result, new mine-linked concentrates could ease feed shortages for smelters.

MMG also plans a 2026 pre-feasibility study for a third expansion phase. That phase could lift capacity toward 200,000 t/yr. Meanwhile, the staged approach reduces execution risk while keeping growth optionality.

The project also reflects China’s rising overseas copper footprint. Chinese-owned mines continue to lift concentrate supply outside China. Therefore, downstream buyers may face a more competitive market for long-term concentrate contracts.

The Metalnomist Commentary

This expansion looks like a disciplined response to tight concentrate fundamentals. However, timeline risk remains high for large processing builds. The winners will lock in power, logistics, and permitting before costs inflate again.

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.

MMG Reports Strong Copper Output Growth in 2024

MMG

Chinese mining company MMG recorded a 17% increase in copper concentrate production in 2024, reaching 355,161 tonnes. The boost was driven by higher output at its Las Bambas mine in Peru and the newly acquired Khoemacau mine in Botswana. Fourth-quarter production surged to 116,643 tonnes, marking a 15% increase from the third quarter and a 44% rise year-over-year.

Las Bambas achieved a record-high quarterly output of 106,119 tonnes, up 31% year-over-year and 17% quarter-over-quarter. Annual production climbed 7% to 322,912 tonnes, supported by the launch of the Chalcobamba pit. In 2025, MMG expects Las Bambas to produce between 360,000 and 400,000 tonnes of copper concentrate.

Expansion Plans and Future Growth

Khoemacau contributed 10,154 tonnes in the fourth quarter, with annual output totaling 30,961 tonnes. MMG acquired the mine in November 2023 and aims to increase production to 43,000-53,000 tonnes in 2025. An expansion project set for 2026 will further boost annual output to 130,000 tonnes by 2028.

Copper cathode production at MMG’s Kinsevere mine in the Democratic Republic of Congo saw a slight 1% annual increase to 44,597 tonnes, despite a 20% drop from the third quarter. The mine’s expansion project, which produced its first copper cathode batch in September, is projected to raise output to 63,000-69,000 tonnes in 2025.

Zinc and Lead Production Also On the Rise

MMG’s zinc and lead concentrate production rose by 8% and 7%, respectively, in 2024, reaching 219,901 tonnes and 41,660 tonnes. The Dugald River mine contributed to this growth due to higher ore grades. MMG forecasts zinc concentrate output between 280,000 and 310,000 tonnes in 2025.

Anglo American to Sell Brazilian Nickel Assets to MMG for Up to $500 Million

Anglo American

Strategic sale aligns Anglo’s focus on copper, iron ore, and crop nutrients amid nickel market shifts

Anglo American, the UK-South African mining major, has agreed to sell its Brazilian nickel business to MMG, a subsidiary of China’s Minmetals, for up to $500 million. The deal will streamline Anglo’s portfolio as it pivots toward copper, iron ore, and crop nutrients—sectors with stronger long-term demand.

The transaction includes an upfront $350 million cash payment, a $100 million price-linked earnout, and an additional $50 million contingent payment tied to development projects. MMG’s acquisition will be executed through its Singapore Resources arm, and the deal is expected to close by September 2025.

Brazilian ferronickel assets and greenfield projects included

The sale covers several key nickel operations in Brazil: the Barro Alto and Codemin ferronickel plants, as well as the Jacaré and Morro Sem Boné greenfield development projects. These assets provide MMG with direct access to high-grade nickel resources amid growing demand from battery and stainless steel industries.

In 2024, Anglo produced 39,400 tonnes of nickel (metal equivalent), down 1.5% year-on-year. It projects 2025 output between 37,000 and 39,000 tonnes. The sale will help Anglo prioritize high-margin projects in metals crucial to the global energy transition.

MMG expands presence as Brazil nickel exports to China fall

MMG, backed by state-owned China Minmetals Corporation, continues to secure upstream assets worldwide as China strengthens its control over energy transition metals. Despite the decline in Brazil's 2024 ferronickel exports to China—40,048 tonnes, down 36.3% from 2023—MMG’s acquisition signals confidence in long-term nickel demand.

Indonesia’s rise in nickel pig iron (NPI) output has pressured Brazilian exports, especially in the stainless steel sector. Meanwhile, Brazilian mining giant Vale is also reviewing its nickel portfolio, possibly considering divestment to sharpen competitiveness in its vertically integrated business model.

This transaction highlights shifting dynamics in global nickel supply as miners recalibrate for market volatility and the EV-driven demand surge.

Anglo American Q1 Copper Output Drops as Nickel Rises and Manganese Slumps

Anglo American

Anglo American's Q1 copper output declined 15% year-on-year to 168,900 tonnes due to planned production cuts in Chile. While Peru’s higher ore grades partially offset losses, the drop in Anglo American Q1 copper output reflects the company’s broader operational recalibrations in South America.

Copper Falls, Nickel Climbs Amid Strategic Asset Reallocation

Anglo American continues to manage regional output variability, with Peru boosting copper grades while Chile scaled back production. For 2025, the miner expects 690,000–750,000 tonnes of copper output. Meanwhile, nickel production rose 3% to 9,800 tonnes in Q1, thanks to stable operations at Brazil’s Barro Alto mine.

However, Anglo is preparing to exit the nickel sector altogether. It plans to sell its Brazilian nickel assets to China’s MMG later this year, signaling a strategic pivot amid shifting commodity markets and capital priorities.

Manganese and PGM Output Weaken on Weather and Suspension Impacts

First-quarter manganese ore output plummeted 60% year-on-year to 317,000 tonnes. The drop was tied to the suspension of Australian operations following cyclone damage in 2023. Sales are expected to resume in Q2 2025.

Platinum group metals (PGM) production also fell 17% to 696,000 ounces. Anglo American attributed the decline to reduced concentrate purchases and adverse weather at its Amandelbult mine in South Africa, where heavy rains impacted mined output.

Guidance Holds Steady Despite Operational Headwinds

Despite the declines in copper and manganese, Anglo American maintained its 2025 guidance. It forecasts 37,000–39,000 tonnes of nickel and expects export sales of manganese to resume shortly. The company continues to rebalance its portfolio amid market volatility, focusing on long-term asset optimization.

The Metalnomist Commentary

Anglo American’s mixed Q1 results underscore the volatility facing diversified miners. The drop in copper output aligns with a strategic slowdown, while stable nickel production—soon to be divested—hints at broader portfolio streamlining. Weather and logistics remain persistent risks across multiple assets.

Peru’s Copper Output Surges 10.7% in August Amid Strong Growth from Key Miners

Minera Chinalco

Peru’s copper production saw a significant rise in August 2024, driven by robust output from leading mining companies like Minera Chinalco and MMG Las Bambas, according to the Ministry of Energy and Mines. However, year-to-date production remains slightly below 2023 levels, highlighting mixed trends in the sector.

August Copper Production Soars

The country’s copper output reached 246,570 metric tonnes (t) in August, a 10.7% increase from 222,800t in the same month last year.

•  Minera Chinalco led the growth with a 132% surge in output, producing 20,000t in August.
•  MMG Las Bambas recorded a 27.3% increase, achieving 32,850t during the same period.

Year-to-Date Decline

Despite the August surge, Peru’s copper production for January to August fell slightly by 0.7%, totaling 1.76 million tonnes (mn t) compared to the same period in 2023.

Mixed Performance in Other Metals

•  Zinc output in August declined by 16% year-on-year to 113,490t.
•  Molybdenum production surged by 42.4%, reaching 3,625t, reflecting strong demand and operational improvements in this sector.

Market Outlook

The rise in Peru’s August copper production underscores the resilience of major mining operations amidst fluctuating global demand. However, challenges persist in maintaining year-to-date growth due to operational and logistical constraints.