Financial Performance - MMG reported a net profit after tax of $122.1 million, down from $243.5 million in 2022, with a profit attributable to equity holders of $9.0 million compared to $172.4 million in the previous year[6]. - Total revenue for 2023 was $4,346.5 million, a 34% increase from $3,254.2 million in 2022[10]. - EBITDA totaled $1,461.9 million, a decrease of 5% from 2022, attributed to falling copper and zinc prices and lower sales at Kinsevere and Dugald River[6]. - The company reported a net profit of $122.1 million for the fiscal year 2023, down from $243.5 million in 2022, reflecting a decline in profitability[195][197]. - Basic earnings per share for 2023 were $0.10, significantly lower than $2.00 in 2022[166]. Revenue and Sales - Total revenue increased by $1,092.3 million (34%), primarily due to higher sales volumes at Las Bambas, offsetting declines in copper and zinc prices[6]. - Revenue for the year ended December 31, 2023, increased by 34% to $4,346.5 million compared to $3,254.2 million in 2022[35]. - Las Bambas revenue increased by 64% to $3,417.3 million, while Kinsevere revenue decreased by 16% to $354.6 million[39]. - Copper sales increased by 69% to 374,743 tons in 2023, compared to 221,918 tons in 2022, largely due to stable logistics operations[53]. - The company received customer payments totaling $4,605.3 million in 2023, compared to $3,402.1 million in 2022, which is an increase of approximately 35%[177]. Production and Costs - The expected copper production for Las Bambas in 2024 is between 280,000 tons and 320,000 tons, with C1 costs projected to be between $1.60 and $1.80 per pound[9]. - The total amount of copper mined at Las Bambas was 302,033 tons in 2023, a 19% increase from 254,836 tons in 2022[52]. - C1 cost for 2023 was $1.60 per pound, lower than the guidance range of $1.65 to $1.75 per pound, but higher than $1.53 per pound in 2022[55]. - The expected zinc production for Dugald River in 2024 is between 175,000 tons and 190,000 tons, with C1 costs projected to be between $0.70 and $0.85 per pound[9]. - Kinsevere's total production expenditure increased by $42.0 million or 16% due to higher third-party ore consumption[61]. Debt and Financial Position - The company reduced its net debt by $783.6 million, with a debt-to-asset ratio decreasing by 5% to 50% by the end of 2023[6]. - Total liabilities decreased by $718.2 million to $7,588.8 million as of December 31, 2023[80]. - The group has an authorized undrawn financing amount of $4,325.0 million as of the financial statement publication date[185]. - The company’s financing activities resulted in a net cash outflow of $985.1 million in 2023, compared to $1,176.5 million in 2022, indicating a reduction in cash outflow[177]. - The group has a total cash and cash equivalents of $447.0 million as of December 31, 2023, up from $372.2 million in 2022[132]. Operational Highlights - MMG continues to engage constructively with the Peruvian government and community members, making progress in negotiations with the Huancuire community and signing five service contracts for the Chalcobamba project[6]. - The Kinsevere expansion project is progressing as planned, with the cobalt plant successfully commencing production in Q4 2023[24]. - The company plans to focus on the development of the Chalcobamba project and the integration of the Khoemacau mine in 2024[30]. - Significant exploration activities are ongoing at Las Bambas, focusing on the Ferrobamba pit, with plans for continued research and drilling in 2024 to assess mineralization[99]. - The company is actively exploring sustainable tailings storage solutions to extend the life of the Rosebery mine, which remains a key operational priority[88]. Safety and Environmental Concerns - The total recordable injury frequency (TRIF) increased to 1.97 in 2023 from 1.25 in 2022, indicating a need for improvement in workplace safety[23]. - MMG aims to reduce operational greenhouse gas emissions by 40% by 2030 from a 2020 baseline as part of its commitment to sustainability[28]. - Approximately one-third of Dugald River's power demand transitioned to solar energy in 2023, with natural gas contracts signed for 2024 to secure power supply[94]. Tax and Regulatory Issues - The group is currently facing tax audits in Australia, Peru, Zambia, and the Democratic Republic of Congo, which may impact financial results[136]. - Las Bambas has filed an appeal against SUNAT's tax assessment and is awaiting a decision from the tax court[139]. - The company has not recognized any tax liabilities in its consolidated financial statements related to the assessments, pending the outcome of appeals[143]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming year[38]. - The projected annual copper production from Las Bambas in the medium term is expected to reach 350,000 to 400,000 tons, aided by contributions from the Chalcobamba project[147]. - The company plans to complete the acquisition by the first quarter of 2024, pending final regulatory approvals[108].
五矿资源(01208) - 2023 - 年度业绩