MMG (1208) Q2 2026 earnings summary

Executive summary

• Q2 copper production totaled 137,843 tonnes and zinc production 55,538 tonnes, both stable year-over-year.

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

• Priorities remain operational improvement, expansion delivery and resource growth, supporting a 2030 target of 1 million tonnes of annual copper production across Minmetals.

• Safety metrics worsened: TRIF rose to 2.19 and SEEEF to 0.82 per million hours worked.

Financial highlights

• Las Bambas H1 C1 cost was $0.55/lb, below prior guidance; full-year C1 cost guidance was lowered to $0.85–$1.05/lb.

• H1 C1 costs: Kinsevere $2.96/lb, Khoemacau $1.25/lb, Dugald River $0.60/lb and Rosebery negative $2.23/lb.

• C1 cost guidance for Las Bambas, Khoemacau and Rosebery was revised downward, supported by by-product credits and market conditions.

Outlook and guidance

• Las Bambas guidance is 380,000–400,000 tonnes of copper and $0.85–$1.05/lb C1 cost; production is targeting the upper end.

• Kinsevere guidance is 65,000–75,000 tonnes of copper and $2.50–$2.90/lb C1 cost.

• Khoemacau guidance is 48,000–53,000 tonnes of copper and $1.70–$2.00/lb C1 cost.

• Dugald River guidance is 170,000–180,000 tonnes of zinc and $0.80–$0.95/lb C1 cost.

• Rosebery guidance is 45,000–55,000 tonnes of zinc, 125,000–140,000 tonnes of zinc-equivalent production and negative $1.50 to negative $1.00/lb C1 cost.