In its year-end financial report, MMG Ltd. noted nearly $2.5 billion in revenue from record copper sales with higher average realized zinc prices offsetting lower average realized copper prices. Total profit for the year amounted to $99.2 million, a 19% decrease compared to 2013. The Las Bambas project in Peru is on track to deliver on MMG’s growth strategy.
MMG produced 191,307 metric tons (mt) of copper and 587,099 mt of zinc in 2014. “We achieved an annual copper production record (up 2% over 2013) following a strong fourth quarter at both Sepon and Kinsevere, supported by consistent results from Golden Grove and Rosebery,” said Andrew Michelmore, CEO, MMG Ltd. “Total annual zinc production was 2% lower as Century progressed through the final stage of the mine plan. In a challenging year, with lower average prices for copper, MMG maintained consistent revenue. This was driven by robust sales at Kinsevere and Century, which helped to offset reduced sales at Sepon.”
In 2014, the company acquired the Las Bambas copper project in Peru. “The successful acquisition was the result of over a year’s hard work and collaboration between China Minmetals Corp., joint venture partners Guoxin International and CITIC Metals, and many stakeholders in China, Peru and Australia,” Michelmore said. “It was a transformational milestone for the company and will reposition MMG among the world’s largest copper producers.” As a large-scale, low-cost, long-life asset with further growth potential, MMG expects Las Bambas to add significant value to its portfolio over the coming years.