MMG Limited (MMG) released its third quarter production report for the three months ended 30 September 2025, highlighting an 11% year-on-year increase in total copper production to 127,030 tonnes and a 26% increase in total zinc production to 58,747 tonnes.

MMG’s Las Bambas recorded 102,875 tonnes of copper in concentrate, driven by stable mining activities at Chalcobamba and Ferrobamba. Kinsevere produced 14,794 tonnes of copper cathode, reflecting ongoing ramp-up work in its sulphide processing system despite power supply challenges.

Khoemacau contributed 9,084 tonnes of copper, slightly below the previous year due to contractor transition and lower ore grades. Dugald River delivered 48,132 tonnes of zinc in concentrate, boosted by strong operational performance. Rosebery achieved 10,615 tonnes of zinc in concentrate and a total of 27,397 tonnes on a zinc-equivalent basis, supported by by-product gains.

Las Bambas is on track to produce 400,000 tonnes of copper for 2025, with C1 costs projected at US$1.25/lb to US$1.35/lb. Kinsevere’s output guidance is revised to 51,000–54,000 tonnes of copper cathode due to power issues, while Khoemacau is expected at the lower end of 43,000–53,000 tonnes. Dugald River remains within the 170,000–185,000 tonnes zinc target, and Rosebery stays at 45,000–55,000 tonnes of zinc, or 110,000–125,000 tonnes on a zinc-equivalent basis.

MMG also reported it received US$429.3 million from its share of the second dividend declared by Minera Las Bambas S.A., set to repay debt. The company has completed the issuance of US$500 million zero-coupon convertible bonds due 2030, applying net proceeds toward refinancing existing debt and reducing borrowing costs.