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Chinese miner MMG’s copper output jumped by 27% to 506,899 tonnes in 2025, boosted by the key Las Bambas mine, it said on Thursday January 22. This marks a solid performance for the Peruvian mine, where operations have previously suffered from community unrest.
Las Bambas’ output rose by 27% to 410,834 tonnes of copper concentrates, MMG said. The producer’s output was also helped by a 36% surge in output at its Khoemacau mine in Botswana, which it bought in 2024.
Fastmarkets calculated the weekly copper concentrates TC index, cif Asia Pacific at $(71.50) per tonne on Friday January 16, up from $(69.80) per tonne a week earlier.
Output at the Kinsevere mine in the Democratic Republic of the Congo (DRC) rose by 18%, MMG said.
MMG has previously struggled with community unrest, sporadic protests and blockades at the Las Bambas mine, which is one of the largest in Peru.
“Las Bambas has been high risk in the past due to lots of protests and community disruptions,” Fastmarkets analyst Andy Cole said. “MMG will be satisfied to have had a good, disruption-free year during which it could concentrate on mining and operational efficiencies.”
MMG joins bigger rivals Rio Tinto and CMOC Group, which also reported increases in their copper output.
While Las Bambas recorded its highest output for a second consecutive year, production this year is forecast to be lower at 380,000-400,000 tonnes of copper.
The lower end of the output guidance this year is a “cautious approach”, and the outlook could be adjusted depending on operating conditions, MMG said.
MMG said social community investment programs have helped foster a stable operating environment and the mine is expected to continue operating ahead of presidential elections in April.
“The company remains committed to proactive engagement with local communities and government authorities to ensure smooth operations and mitigate external impacts,” MMG said.
The Las Bambas mine has also stockpiled adequate inventories of critical spare parts, consumables and ore stockpiles on site, MMG said.
“Who knows if the protests will flare up again? Local communities and workers can get more demanding when they see prices at record highs,” Cole said. “They are fighting power [electricity] instability in the DRC too, so challenges there this year as well.”
MMG’s zinc concentrate output rose 6% to about 232,000 tonnes, buoyed by a record performance at the Dugald River mine in Australia.
While Dugald River’s output rose by 12% to 183,000 tonnes last year, zinc concentrates output in 2026 is forecast at 170,000-180,000 tonnes as ore production is affected by the depth of the mine, MMG said.
“Additionally, adverse weather conditions in the first half of 2026 may pose operational challenges,” MMG said.
Fastmarkets’ twice-monthly assessment of the zinc spot concentrate TC, cif China was $40-60 per tonne on Friday January 9 compared with $40-70 per tonne on December 24.
The Chinese miner said it is also reaping a windfall from a surge in gold and silver, some of which is extracted as a byproduct from the copper and zinc it predominantly produces.