Earnings call transcript: MMG posts record H1 2026 profit as shares ease 1.3%

MMG Limited announced record first-half 2026 earnings, with revenue increasing 61% to $4.54 billion and profit after tax surging to $1.37 billion. The company attributed these results to higher copper, gold, and silver prices and more consistent operations across its global mines. Profit for equity holders nearly doubled to $900 million, while operating cash flow rose 89% to $2.23 billion.

The stock price, however, fell 1.34% to $8.865, remaining below its recent close but above its 52-week low. MMG highlighted its strongest half-year performance in over a decade, driven by copper production rising to 267,000 tons and byproduct metal sales boosting margins. The Las Bambas mine in Peru was central to the success, producing 210,000 tons of copper and generating $3.31 billion in revenue.

Quellaveco in Peru expanded, Khoemacau in Botswana improved EBITDA, and Dugald River and Rosebery in Australia benefited from higher zinc prices. Management cited three years of stable operations at Las Bambas, better safety performance, and a tighter capital structure as contributing factors. The company also noted three consecutive years of copper resource growth.

MMG's full-year plans remain unchanged, with capital expenditure targeting $1.6 billion to $1.7 billion. CEO Ivo Zhao Jin emphasized safety as a top priority and stated that the company aims to balance growth and shareholder returns.