Half Year 2026 MMG Ltd Earnings Call Transcript
Key Points
- Record interim results with revenue up 61% to USD4.54 billion and profit attributable to equity holders up 164% to approximately USD900 million.
- Strong balance sheet improvement with net debt reduced to USD610 million and gearing down from 33% to 6%.
- Copper production reached 267,000 tonnes, the highest first-half level in nearly eight years, with full-year guidance maintained.
- Significant resource growth, including a maiden mineral resource at Kgwebe (1.4 million tonnes of copper) and third consecutive year of copper resource growth.
- Khoemacau Phase 2 expansion on track to lift copper production capacity to 130,000 tonnes per year, with first copper concentrate targeted for H1 2028.
- Kinsevere's C1 costs increased significantly in Q2 due to higher diesel and sulfuric acid prices, impacted by the Middle East war.
- Rosebery's zinc production declined 21% due to lower grades in the deeper ore body.
- Nickel Brazil acquisition is delayed due to EU approval process, which has taken longer than expected.
- Potential operational risks from the super El Nino phenomenon in Peru, which could impact Las Bambas' external operating environment.
- Cobalt production at Kinsevere remains suspended due to export quota policies in the DRC, with no clear restart timeline.
(interpreted) Good day, everyone. Welcome to MMG's 2026 interim results investor webcast. (Operator Instructions) I will now hand over to Godfrey Guo Yu, Chief of Staff of the company.
(interpreted) Good day, investors and analysts. Welcome to MMG's 2026 interim results investor webcast. You are joined today by members of the company's Executive Committee, including Mr. Jing Zhao, CEO and Executive Director; Mr. Song Qian, CFO and Executive Director; Mr. Troy Hey, Executive General Manager, Corporate Relations; Mr. Nan Wang, COO; Ms. Xiangjun Guan, Interim Executive General Manager, Commercial and Development; Mr. Xia Weiquan, President of Africa Operations; and Mr. Xuesong Chen, President of Las Bambas.
Please take a moment to note the disclaimer on the screen. This presentation should be read together with the company's interim results announcement for the six months ended June 30, 2026, released on August 11, 2026. The presentation contains forward-looking statements that are subject to risks and
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