MMG reports 11% copper production decline in Q3 2021 due to road blockade in Peru
(Kitco News) - MMG announced today that inQ3 2021, its copper production was 91,202 tonnes, 11% lower than in Q3 2020(102,469 tonnes), due to a prolonged community road blockade at Las Bambas andlower ore grades at Kinsevere.
The company's Q3 2021 zincoutput of 61,834 tonnes was virtually unchanged from Q3 2020 (61,606 tonnes),while lead production of 10,659 tonnes was 16% lower than 12,754 tonnes in Q32020. MMG added that its molybdenum production of 1,369 tonnes in Q3 2021 was16% higher than a year ago.
"Community road blockades inthe Chumbivilcas province of Peru restricted inbound and outbound logistics forabout 20 days and Las Bambas mining operations for 12 days during the quarter.As a result, Las Bambas annual copper production is now expected to be around300,000 to 305,000 tonnes. C1 costs are expected to be around 10 cents lowerthan previous guidance, at US$1.00 to US$1.10/lb," the company said in astatement.
Importantly, MMG noted thatit continues to advance dialogue with the national government and thecommunities to establish enduring agreements while committing to regionalsocial development.
Headquartered in Melbourne,Australia, MMG is a mid-tier, global producer of base metals including copperand zinc. The company is listed on the Hong Kong Stock Exchange (HKEx: 1208)and operates and develops copper, zinc and other base metals products acrossAustralia, the Democratic Republic of the Congo and Peru. The major shareholderof the company is China Minmetals.
By Vladimir BasovFor Kitco News
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