MMG reports record first-half earnings, boosted by strong copper production

MMG achieved record first-half earnings, with net profit after tax reaching $566.3 million and profit attributable to equity holders of $340 million, marking significant year-on-year growth. This was largely due to increased copper production across all three copper mines, higher market prices for copper, gold, silver, and zinc, and reduced unit costs at Las Bambas. Group-level gearing improved from 41% to 33% by mid-2025, supported by robust operational cash flow and early debt repayment of $500 million for Khoemacau.

Total revenue surged by 47% to $2,817.0 million, primarily from higher sales volumes ($678.1 million) and increased commodity prices ($220.7 million). Copper production at Las Bambas rose by 67% to 210,637 tonnes, while Kinsevere copper cathode production increased by 19% to 25,425 tonnes. Khoemacau saw a 121% rise in copper concentrate production to 22,043 tonnes. Dugald River’s zinc concentrate production increased by 6% to 84,426 tonnes, while Rosebery experienced a 22% decrease in zinc concentrate production to 23,505 tonnes.

MMG confirmed its 2025 production guidance, expecting 360,000 to 400,000 tonnes of copper from Las Bambas and 170,000 to 185,000 tonnes of zinc from Dugald River. The company is progressing strategic capital programs and expects to complete the acquisition of Anglo American’s Nickel Brazil business by the end of 2025.