MMG (1208) Q2 2025 earnings summary

Executive summary

• Total copper production reached 140,368 tonnes in Q2 2025, up 54% year-over-year, driven by strong output at Las Bambas, Kinsevere, and Khoemacau.

• Las Bambas achieved its second-highest quarterly copper production, with improved ore grades and recovery rates.

• Zinc production increased 12% year-over-year, with Dugald River recovering from prior disruptions, while Rosebery saw a decline due to lower grades and equipment issues.

• Safety performance improved, with TRIF dropping to 1.23 and SEEEF to 0.49 per million hours worked.

• Las Bambas faced two weeks of transport disruption due to protests, but production continued and inventory is being cleared.

Financial highlights

• Las Bambas distributed its first dividend since 2014, paying US$276.5 million to shareholders.

• Early repayment of US$500 million on Khoemacau's acquisition loan, reducing interest expenses and increasing financial flexibility.

Outlook and guidance

• Las Bambas 2025 copper production guidance remains 360,000–400,000 tonnes; C1 cost guidance revised down to US$1.40–1.60/lb.

• Kinsevere 2025 copper cathode guidance is 63,000–69,000 tonnes; C1 costs expected at US$2.50–2.90/lb, with power supply constraints a risk.

• Khoemacau 2025 copper guidance is 43,000–53,000 tonnes; C1 costs US$2.30–2.65/lb.

• Dugald River zinc guidance is 170,000–185,000 tonnes; C1 costs expected at US$0.75–0.90/lb.

• Rosebery zinc guidance is 45,000–55,000 tonnes; C1 costs revised to negative US$0.10–0.15/lb.