BASE METALS

Record quarter at MMG's Dugald River

MMG’s new Dugald River zinc mine in Queensland had a record quarter, but the Las Bambas mine in Peru could miss guidance if road blockades continue.

Record quarter at MMG's Dugald River

Dugald River produced 47,296 tonnes of zinc in zinc concentrate, 32% above the previous quarter, as its ramp-up continued.

Las Bambas and Kinsevere in the Democratic Republic of Congo delivered record quarterly mill throughput rates.

Las Bambas produced 96,990t of copper in copper concentrate, 15% above the prior quarter, due to uninterrupted operations for most of the quarter and improved performance across the mine and the mill.

"Despite community related disruptions at Las Bambas, core mining operations performed strongly during the quarter," MMG CEO Geoffrey Gao said.

Since September 22, road access to Las Bambas has been disrupted by a series of road blocks between 50-250km from the mine in Cusco.

On October 15, Peru's government declared a state of emergency and efforts by the authorities to restore access to the road are currently underway.

Assuming unrestricted access resumes in the coming days, 2019 copper production is expected to be marginally below the previous guidance range of 385,000-405,000t. 

Group production for the quarter was 115,864t of copper and 68,628t of zinc.

Guidance for 2019 is 450,000-455,000t of copper and 250,000-270,000t of zinc.

MMG shares last traded in Australia last month at A$5. The stock started the year above HK$3 in Hong Kong but was trading at $1.61 today, valuing it at nearly $13 billion (A$2.43 billion).

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.