PERTH (miningweekly.com) – Base metals miner MMG has reported a mixed bag of results during the fourth quarter ended December, with copper and copper cathode production down, while zinc production increased by 200% and lead production by 48% on the previous quarter.
MMG on Friday announced that copper cathode production for the three months to December had declined by 9%, to 18 463 t, while copper production was down 8% to 112 274 t.
Zinc production for the same period was up 200%, to 60 085 t, while lead production was up 48% to 11 404 t, and molybdenum production was down 7%, to 449 t.
The Las Bambas operation produced 385 299 t of copper in concentrate for the full year ended December, with fourth-quarter production increasing by 29% on the previous quarter, as remedial actions to counter a wall slip that occurred in the third quarter, delivered results.
The fourth quarter copper-in-concentrate production of 111 865 t delivered at Las Bambas was driven by higher tonnes mined, higher ore grades and higher tonnes milled.
Meanwhile, the Dugald River operation produced 147 320 t of zinc in concentrate for the full year, as ramp-up of the operation continued during the December quarter, and mining and milling rates trending above nameplate capacity.
At the Kinsevere operation, MMG produced 18 463 t of copper cathode in the fourth quarter, with production impacted by lower ore feed grades and reduced milled tonnage, which resulted from a number of unrelated equipment failures.
Copper cathode production for the full year reached 79 711 t.
Meanwhile, the Rosebery operation produced 18 444 t of zinc in concentrate in the quarter, and 75 721 t for the full year, with record ore mined and milled at the operation.
MMG earlier warned shareholders of lower profits for 2018, compared with 2017 with net profit after tax of between $135-million and $140-million for the 2018 financial year, compared with the $348.4-million reported in the 2017 financial year.
For the second half ending December, MMG is expecting to report a net loss after tax of between $50-million and $55-million, and a net loss after tax of between $55-million and $60-million.