MMG slashes Las Bambas copper forecast
Hong Kong- and Australia-listed MMG has lowered its 2018 copper concentrate production guidance for the Las Bambas mine, in Peru, to between 375 000 t and 395 000 t, from an earlier guidance of 410 000 t to 430 000 t.
The lower production forecast is as a result of wall instability restricting access to mining in sections of the Ferrobamba pit, where instability was also a problem in late 2017.
Mill throughput rates, although having improved, also remain below planned levels, the company said on Tuesday.
As a result, production will be lower and costs will go up, with the C1 cost guidance having been increased to between $1.10/lb and $1.20/lb, compared with a previous guidance of $1/lb to $1.10/lb.
MMG noted that the issues were not expected to have an impact on production in the medium term.
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