On October 20, Minmetals Resources (MMG) disclosed its third-quarter production report. Total copper production (refined copper and copper content of copper concentrate) in the third quarter was 95,600 tonnes, with a surge of 115% quarter on quarter, which showed in the report. Wherein, for Las Bambas and Kinsevere, the third quarter was the best so far this year.
In the current government-led dialogue process, Las Bambas has reached agreements with four of the six communities to proceed with implementation. Conversations are continuing with the other two communities, Fuerabamba and Huancuire, which will continue further into December 2022. Negotiations with the Huancuire community remain a priority for Las Bambas, as reaching a comprehensive agreement with the community is essential for the sustainable development of the Chalcobamba mine. On September 30, Las Bambas's copper concentrate inventory was reduced to approximately 45,000 tonnes of copper. Fewer have-load road blockades in the third quarter boosted copper sales to 101,626 (tonne of metal payable) tonnes and 80,734 tonnes of production.
Full-year copper production is expected to be around 300,000 tonnes, which is 10,000 tonnes higher than the guidance range revised previously, mainly due to a better-than-expected climb out in Las Bambas production after restarting in June.
MMG Q3 2022 Production Report (metal content, t) | ||||||
Mine | Indicator | Q3 | Q3 YoY% | Q3 QoQ% | Q1-Q3 | Q1-Q3 YoY% |
LAS BAMBAS | Copper Concentrate | 80,734 | 1% | 152% | 181,743 | -19% |
Molybdenum Concentrate | 991 | -28% | 151% | 2,315 | -43% | |
DUGALD RIVER | Zinc Concentrate | 49,229 | 2% | 18% | 128,816 | -6% |
Lead Concentrate | 6,405 | 17% | 35% | 14,895 | -4% | |
ROSEBERY | Zinc Concentrate | 11,677 | -13% | -1% | 35,341 | -31% |
Lead Concentrate | 4,086 | -21% | -12% | 13,410 | -29% | |
Copper Concentrate | 293 | 7% | 32% | 767 | -33% | |
KINSEVERE | Refined Copper | 14,574 | 25% | 19% | 36,663 | 0% |
Data Source: MMG Quarterly Result |
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