Core Viewpoint - Minmetals Resources (01208) reported a strong operational performance in 2025, with multiple mines achieving record or near-record production levels, particularly in copper and precious metals, contributing positively to the company's overall profitability and cost management [1] Group 1: Copper Production - The total copper production for the year reached 506,900 tons, a 27% increase year-on-year, primarily driven by the strong operational performance of the flagship Las Bambas mine [1] - Las Bambas produced 410,800 tons of copper concentrate, marking the second-highest annual production record in the mine's history, exceeding the upper limit of the original production guidance [2] - Kinsevere achieved an electrolytic copper production of 52,800 tons, an 18% increase from 2024, reflecting the ongoing ramp-up of the Kinsevere Expansion Project (KEP) [2] Group 2: Zinc Production - The total zinc production reached 232,100 tons, a 6% increase year-on-year, with Dugald River achieving a record annual zinc production of 483,500 tons, meeting the upper limit of its production guidance [1][3] - Dugald River's milestone included a breakthrough in processing volume, surpassing 2 million tons for the first time [3] - Rosebery produced 48,600 tons of zinc concentrate, with a zinc equivalent production of 140,000 tons, benefiting from strong by-product revenues [3] Group 3: Precious Metals Production - The total gold production reached 118,100 ounces, a 22% increase year-on-year, while silver production totaled 10,564,800 ounces, a 17% increase [1] - The significant production of precious metals contributed positively to mine revenues and effectively reduced the C1 costs across various mines [1] Group 4: Strategic Developments - The board approved the feasibility study for the Khoemacau expansion project, which aims to increase the mine's annual capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [3] - Continuous exploration activities at Khoemacau have identified further expansion potential, with annual capacity expected to rise to 200,000 tons of copper concentrate [3]
五矿资源(01208)2025年铜总产量50.69万吨 同比增长27%