MMG Limited reported record financial results for the six months ended 30 June 2026, with revenue surging 61% year-on-year to USD 4.54 billion. EBITDA climbed 77% to USD 2.73 billion, while net profit after tax more than doubled to USD 1.37 billion; profit attributable to shareholders rose 164% to USD 897.20 million, translating into basic earnings per share of USD 0.0736 (H1 2025: USD 0.0280).
Strong pricing and higher sales volumes underpinned the performance. Favourable commodity prices contributed USD 1.37 billion to revenue, led by copper (+USD 1.06 billion) and silver (+USD 0.21 billion). Group copper sales volumes grew 12% to 265,713 tonnes, supporting a 56% rise in copper revenue to USD 3.44 billion.
Operating cash flow increased 89% to a record USD 2.23 billion, enabling substantial deleveraging. Net debt dropped from USD 3.35 billion at year-end 2025 to USD 0.61 billion, cutting group gearing from 33% to 6%. The improvement was driven by robust cash generation and two capital-market transactions completed in June: a USD 800 million zero-coupon convertible bond issue (net proceeds USD 813.60 million) and a HKD 6.25 billion (USD 797.60 million) share placement.
Asset-level performance was led by Las Bambas, where revenue advanced 65% to USD 3.31 billion and EBITDA rose 72% to USD 2.25 billion. Kinsevere’s EBITDA quadrupled to USD 121.50 million following ramp-up of its sulphide expansion. Khoemacau delivered EBITDA of USD 121.10 million and announced a ground-breaking for its expansion project, targeting 130,000 tonnes of annual copper-in-concentrate output by 2028. Australian operations also recorded higher contributions, with Dugald River and Rosebery lifting EBITDA 92% and 137%, respectively.
Group capital expenditure rose to USD 553.80 million, focused on the Khoemacau expansion, Las Bambas mine development and ongoing growth projects. Exploration spending increased 32% to USD 56.30 million, reflecting intensified drilling at Botswana’s Kgwêbe and Zeta targets.
MMG kept full-year 2026 production guidance unchanged: copper at 380,000–400,000 tonnes and zinc at 215,000–235,000 tonnes. C1 cost guidance remains at USD 0.85–1.05/lb for Las Bambas, USD 2.50–2.90/lb for Kinsevere, USD 1.70–2.00/lb for Khoemacau and negative USD 1.50 to negative USD 1.00/lb for Rosebery.
Following the balance-sheet restructuring, MMG emphasised that it has transitioned from a “leveraged growth company to a strongly capitalised growth platform,” positioning itself to fund project expansion and potential acquisitions while maintaining flexibility to return value to shareholders.