MMG Refined Copper Output Falls in H1 despite Sharp Rise in Copper Concentrate Output

SHANGHAI, Jul. 28 (SMM) – MMG Limited reported sharp growth in its copper concentrate production in the first half of 2016 while saw declines in refined copper output, based on its earning report.

The report disclosed that the company produced 75,893 tonnes of refined copper in H1 2016, a year-on-year decline of 9%, compared with 37,835 tonnes in Q2, falling 11% YoY.

Refined copper output contributed by Kinsevere mine grew 3% from Q1 to 20,293 tonnes in Q2. But production from Sepon mine dropped 20% YoY during January-June this year, resulted by maintenance and low grade ores. 

Copper concentrate production at the company rose 766% YoY to 125,844 tonnes (Cu content) in H1, versus a year-on-year jump of 1,310% to 90,329 tonnes (Cu content) in Q2. This was contributed mainly by Las Bambas mine.

Las Bambas was put online in H1 this year and entered commercial production since July 1. The mine produced 118,612 tonnes (Cu content) of copper concentrate in the first half of the year and is expected to produce 250,000-300,000 tonnes (Cu content) in 2016.

The company also announced to leave its production guidance target unchanged for 2016 and targets 415,000-477,000 tonnes of copper for the year. 

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