BUSINESS

MMG Reports Soaring Output From Peru Copper Mine

Published: Aug. 26, 2025 6:36 p.m. GMT+8

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Las Bambas. Photo: Xinhua

Chinese miner MMG Ltd. saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts to improve its rocky relationship with locals.

In the six months through June, the mine produced about 210,000 tons of copper, up 67% year-on-year, with revenue from the project jumping 60% to $2 billion, according to the company’s latest earnings report. Las Bambas accounted for nearly three-fourths of MMG’s total first-half revenue, which rose 47% to $2.8 billion.

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MMG's Las Bambas copper mine in Peru produced 210,000 tons of copper in H1 2024, up 67% year-on-year, with revenue from the mine rising 60% to $2 billion.
Net profit after tax soared over sevenfold to $566.3 million, mainly due to increased production and higher metal prices.
MMG improved community relations and plans to produce up to 400,000 tons of copper at Las Bambas in 2025; it also acquired a nickel business in Brazil.

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Who’s Who

MMG Ltd.: 五矿资源有限公司 (MMG Ltd.) is a Chinese mining company that saw a significant increase in copper output at its Las Bambas mine in Peru in the first half of this year. This surge in production, which contributed to 75% of its total revenue, followed efforts to improve relations with local communities. MMG also mines other minerals and is expanding into nickel for EV batteries.

Glencore PLC: In 2014, Glencore PLC sold the Las Bambas copper mine in Peru for $5.85 billion to a Chinese consortium led by MMG Ltd. This transaction highlights Glencore's previous ownership of a significant copper asset that is now a major part of MMG's operations.

Anglo American PLC: Anglo American PLC's nickel business in Brazil is being acquired by Chinese miner MMG Ltd. The deal was announced in February and is expected to be finalized in the third quarter. Nickel is a crucial material for electric vehicle batteries.

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What Happened When

2014：: An MMG-led Chinese consortium purchased the Las Bambas copper mine from Glencore PLC in a $5.85 billion deal.

Since 2016：: Protests have frequently blocked Las Bambas mine’s key transport routes after mining operations began.

Late 2022：: MMG began ‘establishing a sustainable relationship with local communities based on mutual trust’ after a road blockade stopped operations for nearly two months.

February 2025：: MMG announced it had struck a deal to buy Anglo American PLC’s nickel business in Brazil.

First half of 2025：: Las Bambas copper mine produced about 210,000 tons of copper, up 67% year-on-year, with revenue from the project jumping 60% to $2 billion.