MMG has stellar quarter, awaits Sepon sale
PERTH (miningweekly.com) – Base metals miner MMG has reported increased production across most of its production portfolios, as its Dugald River operation, in Queensland, operated at commercial production levels.
Copper cathode production for the June quarter was up 4% on the previous corresponding period, to 37 457 t, while copper production was down 7%, to 99 941 t.
Zinc production increased by 216% on the previous corresponding period, to 58 090 t, while lead production was up 110%, to 12 943 t, and molybdenum production was up by 28%, to 426 t.
In addition to the Dugald River operation achieving commercial production in May this year, production from the Las Bambas operation improved during the June quarter on the back of changes to the mine sequence, to address a localized geotechnical instability.
The Kinsevere operation also delivered a record production half in the first two quarters of the year, while the Roseberry operation reported record mill throughput during the first half of 2018.
MMG has maintained its full year production guidance of between 560 000 t and 590 000 t of copper and 190 000 t to 220 000 t of zinc. This will include between 70 000 t to 80 000 t of copper from the Sepon operation, which MMG will cease to have an economic interest in from January 1, assuming financial close on the sale of its interest is achieved during the second half of the year.
MMG in June this year agreed to divest of its 90% interest in Lane Xang Minerals, which owns the Sepon mine, for $275-million.
The project’s current copper operation has a projected mine life until 2020, but the mine life could be extended as a primary gold operation.
MMG in October last year initiated a strategic process for its interest in the Sepon project, with a view of transferring the mine to a gold focused company better suited to realising the project’s future as a primary gold operation.
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