MMG reports strong Q3 copper production growth, revises Kinsevere outlook

MMG Limited announced a 10% increase in total copper in concentrate production to 112,236 tonnes for Q3 2025, compared to Q3 2024, with year-to-date production reaching 345,470 tonnes, up 45%. Las Bambas led this growth with 102,875 tonnes of copper in concentrate, a 14% increase year-on-year, and is now expected to achieve 400,000 tonnes for the full year 2025. Total zinc production also rose by 26% to 58,747 tonnes.

However, Kinsevere's copper cathode production guidance for 2025 has been revised downwards to a range of 51,000 to 54,000 tonnes due to power supply and stability challenges, despite a 14% increase to 14,794 tonnes in Q3 2025. Khoemacau's copper production for 2025 is expected to trend towards the lower end of 43,000-53,000 tonnes, impacted by mining sequence and contractor transition.

The company achieved a net profit after tax of $566.3m in H1 2025, a significant increase from $79.5m in H1 2024. MMG also completed the issuance of $500m zero-coupon convertible bonds due in 2030, with net proceeds of approximately $494m allocated towards refinancing existing debt. The average LME copper price increased by 2.9% to $9,797 per tonne in Q3 2025.