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Minmetals Resources Reports Double Growth in Q3 Mineral Production: Copper Output Up 11% Year-on-Year, Zinc Output Soars by 26%.
According to a report by Interface News on October 21, global mining giant Minmetals Resources Limited ("Minmetals Resources" hereinafter) announced its third-quarter operational results on the same day via the Hong Kong Stock Exchange. The data revealed significant growth in the company's core metal product output. Specifically, copper production (including copper concentrate and electrolytic copper) reached 127,030 tonnes, representing an 11% increase year-on-year. Meanwhile, zinc production amounted to 58,747 tonnes, marking a substantial 26% rise compared to the same period last year. These impressive results not only exceeded market expectations but also underscored Minmetals Resources' ability to maintain steady growth amid global metal market volatility.
Both copper and zinc production increased, with significant results from capacity expansion.
In the third quarter, MMG's copper production increased by 11% year-on-year, primarily driven by the stable operations of its Las Bambas copper mine in Peru and the Rosebery polymetallic mine in Australia. As the world's tenth-largest copper mine, the Las Bambas project achieved an 8% quarter-on-quarter increase in copper concentrate production through optimized mining processes and enhanced beneficiation efficiency, serving as the key driver behind overall growth. Meanwhile, the Rosebery mine has extended its ore extraction lifespan via technological upgrades, further solidifying its competitive advantage in synergistic copper-zinc production.
In terms of zinc production, the 26% year-on-year increase was primarily driven by the ramp-up in capacity at the Dugald River zinc mine in Australia. Since its commissioning in 2020, the mine has steadily reached its designed production capacity ceiling through continuous technological advancements and equipment upgrades. In the third quarter, Dugald River's zinc concentrate output exceeded 32,000 tonnes, setting a new historical high and becoming a significant addition to the global zinc supply.
The market supply-and-demand landscape is shifting, yet Minmetals Resources is expanding against the trend.
Against the backdrop of the global energy transition and a rebound in infrastructure investment, demand for industrial metals such as copper and zinc continues to rise steadily. According to data from the International Copper Study Group (ICSG), global refined copper consumption is projected to grow by 3.5% in 2023, while the widespread application of zinc in areas like galvanized steel sheets and batteries is also driving robust demand growth. However, supply chain bottlenecks and policy shifts in resource-rich countries continue to constrain market availability, resulting in copper price volatility exceeding 20% over the course of the year.
Facing a complex market environment, Minmetals Resources has successfully broken through challenges by adopting a dual-strategy approach of "resource control + technology-driven innovation." At the company's earnings conference call, CEO Li Lianggang stated: "Through our digital mining systems and low-carbon smelting technologies, we have reduced unit production costs by 6%. Meanwhile, we are accelerating the expansion project at the Kinsenda copper mine in the Democratic Republic of Congo, with an expected increase in capacity of 50,000 tonnes by 2024." This strategic move not only strengthens our cost competitiveness but also ensures sufficient production capacity to meet future demand growth.
Deepening ESG principles, accelerating the green transformation
While boosting production output, Minmetals Resources has also integrated environmental and social responsibility into the core of its strategy. In the third quarter, the company's mining operations saw renewable energy usage rise to 28%, while the Las Bambas copper mine achieved a 40% reduction in water consumption through advanced tailings dewatering technology. Additionally, Minmetals Resources has partnered with local communities to launch vocational education programs that have already trained over 2,000 skilled workers, effectively addressing the balance between resource development and local community needs.
S&P Global Commodity Insights analyst noted: "Minmetals Resources' growth model represents the future direction of the mining industry—balancing supply chain security with sustainable development through technological innovation and collaborative community engagement."
Anchoring in the new energy sector, laying out plans for long-term value.
As the global carbon neutrality process accelerates, copper demand in sectors such as electric vehicles and wind power is expected to grow at an annual average rate of 6%. Meanwhile, zinc applications in energy storage batteries are also emerging as a new growth driver. Minmetals Resources stated that it will focus on resource-rich regions such as South America and Africa, expanding its resource reserves through mergers and acquisitions as well as independent exploration efforts. At the same time, the company plans to increase R&D investments in areas like hydrogen-based copper smelting and low-carbon zinc metallurgy.
This quarterly data release not only validates the effectiveness of Minmetals Resources' strategic transformation but also injects confidence into global mining investors. Amidst the current backdrop of volatile metal prices and intertwined geopolitical risks, China's leading mining company is steadily advancing its operations while proactively shaping its future strategy, paving a new chapter of high-quality development.
