Chinese mining conglomerate MMG has cut the copper production guidance for its Las Bambas mine in Peru to 305,000-315,000mt from the anticipated 350,000-370,000mt due to the impact of the COVID-19 pandemic and regional logistics issues.
The company has decided to suspend operations of its Kinsevere operations in the Democratic Republic of Congo (DRC) due to the wet season. However, it retained the guidance of 68,000-75,000mt of copper cathode from the DRC facility, thanks to sufficient stockpiles until Q2 2021.
In January-September 2020, MMG’s copper concentrate production declined by 24pc to 216,000mt from the same period last year though its cathode output rose by 15pc to 54,528mt during the same period. Zinc and lead volumes also fell by 4pc and 2pc to 174,677mt and 33,387mt, respectively in the same period under comparison.
In Q3 2020, copper concentrate and cathode output tallied at 84,447mt and 18,022mt, down 13pc and 3pc, respectively, over Q3 2019. In the same period, zinc production fell by 10pc to 61,606mt while MMG’s lead volumes rose 12pc to 12,574mt.