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MMG targets higher 2017 copper output after strong Q4, FY'16 performance


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MMG targets higher 2017 copper output after strong Q4, FY'16 performance

MMG Ltd. on Jan. 23 said its output of copper contained in concentrate in the fourth quarter of 2016 jumped 1,537% year over year to 110,097 tonnes, with the Las Bambas mine in Peru contributing 105,491 tonnes.

On an annualized basis, MMG's total copper production, including copper cathode and copper in concentrate, also jumped to 503,510 tonnes in 2016, exceeding the guidance range of 415,000 tonnes to 477,000 tonnes. For full-year 2016, copper cathode output dropped 6% to 159,142 tonnes, while production of copper contained in concentrate rose 1,088% to 344,369 tonnes.

Fourth-quarter 2016 copper cathode output rose 6%, to 43,334 tonnes, as Kinsevere in the Democratic Republic of the Congo and the Sepon project in Laos recorded increases of 2% and 10%, respectively, to 20,807 tonnes and 22,527 tonnes.

Contained zinc in concentrate output in the final quarter of 2016 decreased 21% to 35,383 tonnes, while contained lead in concentrate production jumped 17% to 8,761 tonnes.

For the full-year 2016, zinc output fell 19% to 119,575 tonnes, falling within the guidance range of 120,000 tonnes to 135,000 tonnes. Lead production meanwhile, improved 6% to 29,968 tonnes.

This year, the company expects to produce between 560,000 tonnes to 615,000 tonnes of copper and between 65,000 tonnes and 72,000 tonnes of zinc.

This includes 420,000 tonnes to 460,000 tonnes of copper contained in concentrate from Las Bambas at C1 cash costs of 85 U.S. cents to 95 cents per pound of copper.

The company will continue on improving operational efficiencies to restructure the cost base, which is expected to partially offset the impact of mining and processing lower-grade and more complex ores at Sepon.