MMG (1208) Q2 2026 earnings summary

Executive summary

• Total copper production reached 137,843 tonnes, broadly flat year-over-year, with Las Bambas and Kinsevere showing contrasting trends.

• Zinc production totaled 55,538 tonnes, stable year-over-year, with Dugald River up 6% and Rosebery down 25%.

• Gold output fell 9% year-over-year, while silver production rose 13% to 2.83 million ounces.

• Safety metrics worsened, with TRIF rising to 2.19 and SEEEF to 0.82 per million hours worked.

Financial highlights

• C1 cost guidance for Las Bambas, Khoemacau, and Rosebery revised downward due to strong by-product credits and favorable market conditions.

• Las Bambas C1 costs for H1 2026 were $0.55/lb, well below previous guidance.

• Kinsevere's H1 C1 costs were $2.96/lb, slightly above guidance due to higher input costs.

• Rosebery's H1 C1 costs were negative $2.23/lb, driven by strong by-product credits.

Outlook and guidance

• All mines remain on track to meet full-year production guidance.

• Las Bambas: 380,000–400,000 tonnes copper, C1 cost $0.85–1.05/lb.

• Kinsevere: 65,000–75,000 tonnes copper, C1 cost $2.50–2.90/lb.

• Khoemacau: 48,000–53,000 tonnes copper, C1 cost $1.70–2.00/lb.

• Dugald River: 170,000–180,000 tonnes zinc, C1 cost $0.80–0.95/lb.

• Rosebery: 45,000–55,000 tonnes zinc, zinc equivalent 125,000–140,000 tonnes, C1 cost negative $1.50 to negative $1.00/lb.