Financial Performance - The company's EBITDA for the year was $1,535.4 million, with a net profit of $243.5 million, representing a decrease of 44% and 74% respectively compared to the previous year due to reduced sales from Las Bambas[3]. - MMG's EBITDA for 2022 was $1,535.4 million, a decrease of 44% from 2021, attributed to reduced sales from Las Bambas and Rosebery mines, as well as rising costs due to global inflation[11]. - The net profit after tax was $243.5 million, including a profit attributable to equity holders of $172.4 million, representing a 74% decline from the previous year[11]. - The company's revenue for the year ended December 31, 2022, was $3,254.2 million, a decrease of 24% compared to $4,255.0 million in the previous year[65]. - The profit attributable to equity holders for the year was $172.4 million, a significant decline from $667.1 million in the previous year[59]. - Revenue for the year was $2,086.8 million, a decrease of 30% from the previous year, primarily due to lower copper sales (down 19%) and lower realized commodity prices[90]. - Operating cash flow decreased by $1,719.4 million (67%) to $832.1 million in 2022, driven by lower commodity prices and reduced sales[128]. - The total production costs increased by $172.6 million (19%) to $1,066.2 million, driven by higher diesel costs ($65.0 million) and explosives costs ($36.9 million)[90]. Production and Operations - The anticipated copper production from Las Bambas for 2023 is projected to be between 265,000 and 305,000 tons, contingent on the resolution of political protests and stabilization of logistics[6]. - The company aims to increase mid-term production capacity at Las Bambas to between 380,000 and 400,000 tons through the development of the Chalcobamba deposit[3]. - The Kinsevere expansion project is expected to extend the mine's life by 13 years and introduce new production capabilities, with anticipated annual production of 40,000 to 48,000 tons of electrolytic copper[6]. - The group-level zinc production is projected to be between 225,000 and 250,000 tons[6]. - The Kinsevere mine's production increased by 2% in 2022 due to the resumption of mining activities and an increase in third-party ore supply[11]. - Las Bambas produced 254,836 tons of copper in 2022, a decrease of 35,261 tons (12%) compared to 2021 due to community protests affecting mining operations[90]. - Kinsevere's copper production for 2022 was 49,000 tons, an increase of 1,053 tons or 2% compared to 2021, driven by higher average ore grades[99]. - Dugald River produced 173,395 tons of zinc concentrate in 2022, a decrease of 4% from 2021, attributed to labor availability issues and lower ore grades[112]. Exploration and Resource Management - The company continues to invest in exploration projects in the Democratic Republic of the Congo surrounding the Kinsevere mine[3]. - The company is focusing on expanding its mineral resource base and enhancing its exploration efforts to increase future production capabilities[27]. - The total mineral resources for Dugald River are reported at 61 million tons, with a breakdown of 12 million tons (measured), 15 million tons (indicated), and 33 million tons (inferred)[33]. - The total mineral resources for Rosebery are reported at 20 million tons, with 7.3 million tons (measured), 4.6 million tons (indicated), and 7.9 million tons (inferred)[33]. - The total mineral resources for High Lake are reported at 14 million tons, with 7.9 million tons (measured) and 6 million tons (indicated)[33]. - The total mineral resources for Izok Lake are reported at 15 million tons, with 13 million tons (measured) and 1.2 million tons (indicated)[33]. - The company has identified a total of 0.93 million tons of controlled resources in the mixed copper ore category, with an inferred resource of 0.31 million tons[27]. - The company is conducting ongoing underground resource drilling at the Dugald River site, with a focus on converting resources to reserves[146]. Sustainability and ESG Initiatives - The company is focusing on sustainable production and safety, with a commitment to maximizing asset value and strengthening competitiveness in the context of energy transition[6]. - The company has revised its vision to become a leading international mining company serving a low-carbon future[6]. - MMG's climate resilience strategy was launched in 2021, integrating climate factors and greenhouse gas reduction commitments into all aspects of the company's strategy and future planning[10]. - The company has committed to improving its ESG practices, aiming for a 10% reduction in carbon emissions by 2025[40]. - The company plans to invest in renewable energy measures at Dugald River, including a long-term solar power purchase agreement to reduce carbon footprint[199]. - The company is committed to exploring sustainable tailings storage solutions to extend the operational life of its assets[200]. Community Engagement and Challenges - The company emphasizes the importance of sustainable dialogue and partnerships to address challenges posed by the Las Bambas community[6]. - The company continues to seek long-term solutions to community disruptions affecting the Las Bambas project[198]. - The company is currently facing national political protests affecting operations at Las Bambas, but production has continued at a lower level[153]. - The company has resumed concentrate transportation as of March 11, 2023, and is working to reduce copper concentrate inventory[153]. - The company is focused on constructive dialogue with the Las Bambas community for the development of the Chalcobamba deposit, which is critical for asset growth[12]. Financial Risks and Management - The company has implemented various financial risk management strategies, including the use of derivatives to hedge against commodity price fluctuations[155]. - The company’s financial risk management is executed by the treasury department in collaboration with operational units[155]. - The company faces foreign exchange risk, with a 10% depreciation of the Australian dollar resulting in a decrease in after-tax profit by $5.6 million[170]. - The company has assessed credit risk related to trade receivables, with 100% of trade receivables being collectible within six months from the invoice date[172]. - The company reported a net exposure of $2,653.6 million in borrowings related to project financing, maturing in July 2032[165]. Future Outlook - The company expects copper production in 2023 to be between 265,000 and 305,000 tons, contingent on the resolution of ongoing protests in Peru[90]. - The capital expenditure for 2023 is anticipated to be between $700 million and $850 million, with $400 million to $450 million allocated for Las Bambas[200]. - The company plans to leverage its resource base for future market expansion and potential acquisitions[27]. - Future exploration plans include expanding resource assessments in existing sites to increase overall mineral reserves[34]. - The outlook remains positive despite anticipated cost pressures, with expectations of stable global demand for the company's products[6].

Financial Performance - In the first half of 2022, MMG reported a net profit of $89.8 million, down from $584 million in the same period of 2021, with shareholders' profit decreasing from $400.1 million to $79.5 million[10]. - Revenue for the six months ended June 30, 2022, was $1,408.0 million, a decrease of 42% compared to $2,433.5 million in the same period of 2021[15]. - EBITDA for the first half of 2022 was $651.7 million, down from $1,498.7 million in the prior year[15]. - The decrease in revenue was primarily due to a drop in sales volume of $1,005.7 million and a decline in realized commodity prices of $19.8 million[20]. - The company reported a total comprehensive income of $176.4 million, down from $616.3 million in the previous year[121]. - The company reported a profit of $79.5 million for the six months ended June 30, 2022, compared to a profit of $10.3 million in the same period last year, indicating a substantial increase[125]. - The company reported a total revenue of $1,827.8 million, with copper contributing significantly to this figure[142]. - The total revenue for the six months ended June 30, 2022, was reported as 1,105.8 million USD, compared to 1,405.3 million USD for the same period in 2021, indicating a decrease of approximately 21.3%[146]. Production and Sales - Copper sales for MMG reached 104,437 tons, while zinc sales totaled 93,233 tons, resulting in an EBITDA of $651.7 million, a 57% decrease compared to the previous year[5]. - Las Bambas produced 101,009 tons of copper concentrate in the first half of 2022, a decrease of 30% year-over-year due to over 50 days of production stoppage caused by community protests[11]. - Kinsevere produced 22,090 tons of electrolytic copper, down 12% from the same period in 2021, primarily due to a decline in average ore grade[11]. - Dugald River produced 79,587 tons of zinc concentrate, an 11% decrease year-over-year, mainly due to reduced available workforce at the beginning of the year[13]. - Rosebery produced 23,664 tons of zinc concentrate and 9,324 tons of lead concentrate, representing decreases of 37% and 32% respectively, impacted by COVID-19 affecting workforce availability[13]. - Total copper sales volume for H1 2022 was 104,437 tons, a decrease of 45.5% from 191,670 tons in H1 2021[24]. - Silver sales volume for H1 2022 was 2,893,688 ounces, down from 4,339,739 ounces in H1 2021, a decline of 33.4%[24]. Operational Challenges - The Las Bambas mine experienced production stoppages for over 50 days due to community protests, significantly impacting overall performance[5]. - The company anticipates continued operational challenges but is focused on maintaining production levels at Las Bambas following the resolution of community protests[30]. - The company is focused on managing costs and funding usage amid rising energy costs and inflationary pressures[5]. - The company continues to focus on operational stability and cost management in response to industry-wide cost pressures[13]. - The group faced community disruptions in Peru, leading to 97 days of roadblocks and a total operational suspension of 51 days in the first half of 2022[77]. - The company anticipates ongoing community unrest and political instability in Peru, which may impact operations in the second half of 2022[75]. Environmental and Safety Initiatives - MMG is committed to achieving a 40% reduction in greenhouse gas emissions by 2030 and aims for net-zero carbon emissions by 2050[5]. - The total recordable injury frequency (TRIF) increased to 1.49 per million hours worked, up from 1.09 in 2021, indicating a need for improved safety measures[9]. - The company emphasizes the importance of sustainable development and community engagement in its mining operations[6]. Financial Position and Debt Management - Total assets amounted to $12,505.8 million, while total liabilities were $8,402.7 million, resulting in total equity of $4,103.1 million[49]. - The debt-to-equity ratio was calculated at 0.56, reflecting the company's financial leverage[50]. - As of June 30, 2022, the group had available but undrawn debt financing of $800.0 million, with a credit facility of $300.0 million expiring in December 2023[52]. - The group has outstanding debt financing of $300.0 million (excluding Las Bambas Joint Venture) as of June 30, 2022, compared to $560.0 million as of December 31, 2021[130]. - The company has secured new and revised agreements worth $394.37 million to optimize production and operational requirements, including long-term heavy mining equipment contracts[54]. Exploration and Future Projects - The company plans to accelerate the Kinsevere expansion project and ensure the future development of Rosebery while maintaining labor availability at Dugald River[5]. - The Chalcobamba project is expected to increase production to 380,000 to 400,000 tons, with the first cobalt production anticipated in Q4 2023 and the first copper from sulfide expected in Q3 2024[52]. - The company plans to optimize mining activities at Ferrobamba to obtain higher-grade ore in the second half of 2022[31]. - Exploration activities continued at Las Bambas, focusing on the Ferrobamba and Chalcobamba areas, with ongoing drilling to define economic indicators for potential mining targets[57]. Commodity Price Sensitivity - The company estimates that a 10% increase in copper prices would result in a profit increase of $15.4 million for 2022, while a 10% decrease would lead to a profit decrease of $22.8 million for 2021[69]. - Zinc prices would similarly see a profit increase of $2.9 million with a 10% rise, and a decrease of $0.6 million with a 10% drop[69]. - The total impact of a 10% price change in copper and zinc would result in a profit increase of $18.3 million or a decrease of $20.5 million, respectively[69]. Financial Risk Management - Financial risk management strategies are in place to mitigate commodity price risks, with several hedging agreements established for copper and zinc sales, including 41,800 tons of zinc with strike prices between $3,300 and $4,100 per ton[65]. - The company has a nominal amount of $2.1 billion in a five-year interest rate swap to hedge against floating interest rates, converting them to fixed rates[70]. - The interest rate swap is designed to mitigate approximately half of the remaining interest rate risk exposure related to a $2.942 billion loan due in July 2032[71]. - The company is committed to maintaining a balanced approach to managing financial risks, including interest rate and commodity price fluctuations[70]. Corporate Governance and Leadership - The company experienced a change in executive leadership with Li Liangang appointed as Executive Director and acting CEO on January 5, 2022[99]. - The company has complied with all provisions of the Corporate Governance Code, except for the absence of a dividend policy[108]. - The total fixed remuneration for the acting CEO Li Liangang increased from AUD 817,874 to AUD 850,589 effective January 1, 2022, and further to AUD 852,313 effective July 1, 2022[111].

Financial Performance - EBITDA for 2021 reached $2,725.4 million, an increase of 98% compared to 2020[7] - The company’s revenue for the year ended December 31, 2021, was $4,255.0 million, a 40% increase from $3,033.7 million in 2020[46] - Net profit attributable to equity holders was $667.1 million, compared to a loss of $64.7 million in 2020, marking a 1,131% change[48] - The net profit before tax reached $1,503.8 million, a significant increase of 2,770% from $52.4 million in 2020[46] - The company reported a total of 770 million tons of copper from Ferrobamba, with a significant increase in production efficiency noted[26] - The company achieved a copper recovery rate of 0.63 grams per ton in Sulfobamba, indicating a stable performance[26] - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 15% year-over-year growth[146] Production and Operations - In 2021, total copper production was 339,681 tons, a 12% decrease from 2020, while zinc production increased by 2% to 249,767 tons due to strong performance at Dugald River and Rosebery[15] - The company expects copper production from Las Bambas to be between 300,000 and 320,000 tons in 2022, following the development of the Chalcobamba pit[15] - The Kinsevere expansion project is projected to produce 45,000 to 50,000 tons of electrolytic copper in 2022, enhancing the mine's lifespan[15] - Zinc concentrate production from Dugald River and Rosebery is expected to be between 225,000 and 255,000 tons, indicating stable production prospects[15] - The total processed ore in 2021 was 48,476,799 tons, a 7% increase from the previous year[65] - Las Bambas produced 290,097 tons of copper in 2021, a decrease of 20,923 tons (7%) compared to 2020 due to lower average ore grades and a two-week shutdown caused by community roadblocks[67] Financial Position and Debt Management - Net debt decreased by $1,952.8 million, with the debt ratio dropping from 73% in 2020 to 56% in 2021[7] - The company raised $299.0 million from a capital issuance completed in June 2021, strengthening its balance sheet[7] - Total liabilities decreased by $532.2 million to $9,096.1 million as of December 31, 2021[92] - The company reported a total equity increase of $1,258.3 million to $3,928.0 million, primarily due to annual profits of $920.5 million[92] - The debt-to-equity ratio improved to 0.56 in 2021 from 0.73 in 2020, indicating a stronger financial position[93] Strategic Initiatives and Growth Plans - The company aims to achieve net-zero carbon emissions by 2050, with a mid-term target of reducing emissions by 40% by 2030[8] - The company is focused on two clear organic growth projects: the Chalcobamba project and the Kinsevere expansion project, which will strengthen operations in key regions[18] - The company plans to assess growth opportunities to expand its current portfolio, particularly in Australia, where exploration results remain promising[18] - The company plans to allocate approximately 50% of the net proceeds from the share placement, amounting to about $1,160.56 million, for potential future acquisitions or projects[97] - The company is focused on extending the operational life of its key assets, with ongoing resource expansion and near-mine exploration drilling planned for 2022[143] Environmental, Social, and Governance (ESG) Practices - The company is committed to maintaining positive partnerships with local communities and contributing to economic development[8] - Ongoing research and development efforts are focused on sustainable mining practices to reduce environmental impact[26] - The management discussed the importance of environmental, social, and governance (ESG) practices in their operations[30] - The company has confirmed that it is committed to environmental, social, and governance (ESG) practices, as outlined in its reports[164] Market and Commodity Prices - The average LME cash price for copper increased by 51% to $9,315 per ton in 2021, compared to $6,169 per ton in 2020[54] - The company reported a 40% increase in copper revenue, totaling $3,050.4 million, up from $2,178.6 million in 2020[50] - The average copper price assumption for ore reserves was $3.28 per pound, while for mineral resources it was $3.68 per pound[39] Exploration and Resource Management - The resource and ore reserves report as of June 30, 2021, indicates a slight decrease in copper resources due to better understanding of the ore body, while zinc resources showed a mild increase[25] - The company is actively exploring new mining sites to expand its resource base and enhance production capabilities[26] - The company is focusing on expanding its mineral resources through exploration and development of existing projects[30] Tax and Regulatory Matters - The company is currently facing tax audits from the Peruvian tax authority (SUNAT) related to withholding tax assessments for the years 2014, 2015, and 2016, with potential liabilities amounting to approximately $58.3 million, $159.4 million, and $199.3 million respectively[137] - The company is actively managing tax audits and has appealed to relevant tax authorities regarding uncertain tax matters, with provisions raised to cover potential liabilities[138] Corporate Governance - The company has committed to maintaining high standards of corporate governance through effective internal controls and transparency to all shareholders[197] - The board consists of seven members, including one executive director, three non-executive directors, and three independent non-executive directors[198] - The company has adopted a set of standards for directors' securities trading, which are stricter than the standard code[198]

Production and Operations - In 2018, the company produced 466,475 tons of copper and 223,041 tons of zinc, maintaining stable operations across its mines[16]. - The company expects to produce between 462,500 and 485,000 tons of copper and between 250,000 and 270,000 tons of zinc in 2019[16]. - The Dugald River mine achieved commercial production ahead of schedule, with expected zinc production of 165,000 to 175,000 tons in 2019[16]. - The Las Bambas mine is projected to produce over 2 million tons of copper in its first five years of operation[16]. - The total production from Dugald River since its commercial production began on May 1, 2018, partially offset the decline in Las Bambas sales[60]. - Las Bambas expects to produce 385,000 to 405,000 tons of copper concentrate in 2019, with mining and development rates anticipated to increase[77]. - Dugald River achieved commercial production on May 1, 2018, with a zinc concentrate production forecast of 165,000 to 175,000 tons for 2019[87]. - Kinsevere processed 2,407,267 tons of ore in 2018, a 6% increase from 2,274,305 tons in 2017, while copper production slightly decreased by 1% to 79,711 tons[79]. Financial Performance - The total revenue for the company in 2018 was 36.7 billion yuan, with a net profit of 137.4 million dollars, representing a year-on-year growth of 16.5%[10]. - In 2018, MMG achieved EBITDA of $1,751.2 million, a decrease of 16% compared to 2017, primarily due to a decline in copper production at Las Bambas[17]. - The company's revenue for the year ended December 31, 2018, was $3,670.2 million, a decrease of 2% compared to $3,751.3 million in 2017[54]. - EBITDA for the same period was $1,751.2 million, down 16% from $2,090.8 million in 2017[54]. - The net profit attributable to equity holders for the year was $68.3 million, a decline of 54% from $147.1 million in 2017[57]. - The company reported a 64% decrease in net profit from Las Bambas, amounting to $119.6 million compared to $336.8 million in 2017[57]. - The company experienced a decrease in copper revenue by 10% to $2,839.2 million from $3,159.0 million in 2017[61]. - The company reported a significant increase in other income, reaching $27.1 million compared to a loss of $77.2 million in 2017[54]. Cost Management and Efficiency - The company aims to enhance operational efficiency and reduce the debt-to-equity ratio to create shareholder value[14]. - Cost-saving measures at Las Bambas resulted in annual savings of $95 million, while corporate support expenses were reduced to $45.9 million[19]. - The average C1 cost for 2018 was reported at $1.18 per pound, compared to $0.99 per pound in 2017[77]. - The total operating expenses increased by $227.7 million (14%) in 2018, largely due to $160.7 million in operating costs from Dugald River since its commercial production began[67]. - Administrative expenses decreased by $45.9 million (56%) due to cost and efficiency improvement initiatives[68]. - The company plans to implement cost-saving measures projected to reduce operational expenses by 5%[126]. Safety and Environmental Management - The company achieved a record low Total Recordable Injury Frequency (TRIF) of 1.00 in 2018, a decrease of 14.5% from 1.17 in 2017[15]. - The company is committed to improving safety management and ensuring employee health and safety as a top priority[15]. - The management emphasized the importance of ESG practices, aiming to improve sustainability and corporate governance standards[124]. - The company aims to achieve carbon neutrality by 2025, aligning with global sustainability trends[131]. Resource Management and Exploration - The company has established regulatory processes for estimating and reporting mineral resources and ore reserves, with a focus on quality and integrity[24]. - The total mineral resources amount to 63.3 million tons for Dugald River, with 56.7 million tons classified as total resources[30]. - The company continues to focus on resource expansion and exploration activities across its mining assets[30]. - The company plans to continue exploring new mining opportunities and optimizing existing operations to enhance resource recovery[39]. - The company has identified several potential copper-cobalt targets in the vicinity of the Kinsevere mine, including the Nambulwa, Mwepu, and Maga West projects[1]. Debt and Financing - The company's debt was reduced by $733.4 million in 2018, resulting in a debt-to-equity ratio decrease from 74% at the end of 2017 to 72% at the end of 2018, attributed to strong cash flow[17]. - As of December 31, 2018, borrowings related to the group amounted to approximately $5,396.48 million, down from $6,330.9 million in 2017[121]. - Approximately $4,697.35 million of the borrowings were secured debts as of December 31, 2018[121]. - The company has ongoing related party transactions, including agreements with Minmetals North-Europe and CITIC, which require independent shareholder approval[185]. Corporate Governance and Management - The company’s board of directors confirmed their independence in accordance with the listing rules[143]. - The board consists of nine members, including two executive directors, three non-executive directors, and four independent non-executive directors[200]. - The company emphasizes board diversity as a key element for sustainable and balanced development, considering factors such as gender, age, culture, and professional experience[200]. - The company has adopted a board diversity statement to enhance performance quality through diverse board composition[200]. - The independent auditor confirmed that there were no issues regarding the related party transactions for the year ending December 31, 2018[191]. Market Outlook and Strategic Initiatives - MMG remains confident in the outlook for copper and zinc, despite anticipated market volatility due to global political and economic uncertainties[20]. - The company plans to focus on high-quality, large-scale, and low-cost asset combinations following the sale of 90% of its interest in the Sepon mine for 275 million dollars[10]. - The company is focusing on expanding its market presence, particularly in emerging markets, to drive future growth[124]. - Future guidance indicates an expected revenue growth of Z% for the upcoming fiscal year, driven by increased production and market expansion efforts[124].