MMG Announces 2026 Interim Results
Published on 08/11/2026 at 14:20 | japancorp.net
HONG KONG, Aug 11, 2026 - (ACN Newswire) - MMG Limited ('MMG', stock code: 1208) has today reported a net profit after tax of US$1,366.0 million for the 6 months to June 30, 2026. This is a record result and builds on the strong momentum established in 2025. Cashflow from Operations was US$2,233.9 million, with Cash and Earnings up 141 and 89 per cent respectively on the first half of 2025.
Watch the Message from CEO:
https://www.youtube.com/watch?v=dv0SCSgzYfs
The financial results were primarily driven by solid operational execution across all sites and higher realised commodity prices, alongside robust operating cash generation and the successful launch of the approximately US$1.6 billion equity placement and Convertible Bonds issuance in June 2026.
'During the first half we delivered some outstanding financial and production outcomes, including a record profit after tax of US$1.36 billion and record operating cash flow," said Ivo Zhao, MMG's CEO. "Higher sales volumes, favourable prices and disciplined execution across our operations all contributed to this result.'
MMG's total recordable injury frequency (TRIF) increased to 2.06 per million hours worked in the first half of 2026, compared to 1.81 in the first half of 2025. The significant events with energy exchange frequency (SEEEF) improved to 0.55 per million hours worked compared to 0.78 in the first half of 2025. Safety is MMG's first value, and the company continues to be focused on contractor management, proactive field observations and the effective implementation of critical controls.
Operationally, MMG achieved its highest first-half copper production since 2018, driven by another impressive performance from Las Bambas, whilst Kinsevere realised the benefits of its sulphide expansion and Khoemacau delivered solid operating and financial performance. Its Australian operations also delivered strong production and financial performances and continued to demonstrate the strength of MMG's diversified portfolio.
Highlights include:
- Record first half results for both EBITDA and EBIT, with EBITDA at US$2,727.4 million, representing a 77 per cent increase compared to the first half of 2025, and EBIT totalling US$2,177.2 million, an increase of 106 per cent over the same period.
- Net profit after tax of US$1,366.0 million, including a first-half profit of US$897.2 million attributable to equity holders of the company.
- An 89 per cent increase in net cash flow from operations, totalling a record US$2,233.9 million, reflecting stronger earnings and disciplined operational execution.
- A strengthened balance sheet due to robust cash generation from operations and the successful execution of the approximately US$1.6 billion Convertible Bonds issuance and share placement in June 2026.
- Net debt decreased from US$3,351.4 million to US$608.4 million and reduced group-level gearing, down from 33 per cent to 6 per cent over the first half of 2026.
- Las Bambas produced 210,195 tonnes of copper in copper concentrate in the first half of 2026, revenue increased 65 per cent to US$3,307.9 million and EBITDA increased 72 per cent to US$2,251.1 million.
"Strong cash generation and our largest-ever capital raising enabled us to reduce net debt by more than 80 per cent. This strengthened our balance sheet and provides greater flexibility to invest in growth and advance our strategic priorities," said Ivo Zhao, MMG's CEO. 'It has been an excellent start to the year, and we have positive momentum heading into the second half.'
MMG continued to advance its growth pipeline during the first half, with construction commencing on the Khoemacau expansion project and the reporting of two Maiden Mineral Resources. These included the significant Kgwebe copper deposit, adding approximately 1.4 million tonnes of copper to Khoemacau's Mineral Resources, and a polymetallic Mineral Resource at High Lake East within the Izok Project. MMG also reported the prospective Wallaroo copper target at Dugald River, reinforcing its focus on exploration, resource-to-reserve conversion and the expansion of its existing operations.
Guidance for the year remains unchanged, with total production aiming for a high end of 528,000 tonnes of copper and 235,000 tonnes of zinc. Las Bambas is expected to produce up to 400,000 tonnes of copper in 2026.
MMG's 2026 Interim Results Report is available here.
Dugald River
Khoemacau
Kinsevere
Las Bambas
Rosebery
Photo download link: https://drive.google.com/drive/folders/1aSF2F1dMukUU7asMRmxh_J0nEkFaYhdl?usp=drive_link
About MMG
Founded in 2009, MMG's vision is to create a leading international mining company for a low carbon future. The company is headquartered in Melbourne, Australia and Hong Kong and Beijing, China and listed on the Hong Kong Stock Exchange (HKEX1208).
MMG's portfolio supports copper, zinc and cobalt production, with soon to be nickel - products that are critical to achieving global decarbonisation and electrification targets. With operations in Australia, Botswana, the Democratic Republic of Congo and Latin America, the company makes a direct contribution to the economic and social development of its host countries.
In 2025, MMG released its first nature strategy and progressed a refresh of its climate strategy. MMG's membership of the UN Global Compact further aligns the company with global leaders on human rights, climate action, and governance.
Source: MMG Limited
Copyright 2026 ACN Newswire . All rights reserved.
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Watch the Message from CEO:
https://www.youtube.com/watch?v=dv0SCSgzYfs
The financial results were primarily driven by solid operational execution across all sites and higher realised commodity prices, alongside robust operating cash generation and the successful launch of the approximately US$1.6 billion equity placement and Convertible Bonds issuance in June 2026.
'During the first half we delivered some outstanding financial and production outcomes, including a record profit after tax of US$1.36 billion and record operating cash flow," said Ivo Zhao, MMG's CEO. "Higher sales volumes, favourable prices and disciplined execution across our operations all contributed to this result.'
MMG's total recordable injury frequency (TRIF) increased to 2.06 per million hours worked in the first half of 2026, compared to 1.81 in the first half of 2025. The significant events with energy exchange frequency (SEEEF) improved to 0.55 per million hours worked compared to 0.78 in the first half of 2025. Safety is MMG's first value, and the company continues to be focused on contractor management, proactive field observations and the effective implementation of critical controls.
Operationally, MMG achieved its highest first-half copper production since 2018, driven by another impressive performance from Las Bambas, whilst Kinsevere realised the benefits of its sulphide expansion and Khoemacau delivered solid operating and financial performance. Its Australian operations also delivered strong production and financial performances and continued to demonstrate the strength of MMG's diversified portfolio.
Highlights include:
- Record first half results for both EBITDA and EBIT, with EBITDA at US$2,727.4 million, representing a 77 per cent increase compared to the first half of 2025, and EBIT totalling US$2,177.2 million, an increase of 106 per cent over the same period.
- Net profit after tax of US$1,366.0 million, including a first-half profit of US$897.2 million attributable to equity holders of the company.
- An 89 per cent increase in net cash flow from operations, totalling a record US$2,233.9 million, reflecting stronger earnings and disciplined operational execution.
- A strengthened balance sheet due to robust cash generation from operations and the successful execution of the approximately US$1.6 billion Convertible Bonds issuance and share placement in June 2026.
- Net debt decreased from US$3,351.4 million to US$608.4 million and reduced group-level gearing, down from 33 per cent to 6 per cent over the first half of 2026.
- Las Bambas produced 210,195 tonnes of copper in copper concentrate in the first half of 2026, revenue increased 65 per cent to US$3,307.9 million and EBITDA increased 72 per cent to US$2,251.1 million.
"Strong cash generation and our largest-ever capital raising enabled us to reduce net debt by more than 80 per cent. This strengthened our balance sheet and provides greater flexibility to invest in growth and advance our strategic priorities," said Ivo Zhao, MMG's CEO. 'It has been an excellent start to the year, and we have positive momentum heading into the second half.'
MMG continued to advance its growth pipeline during the first half, with construction commencing on the Khoemacau expansion project and the reporting of two Maiden Mineral Resources. These included the significant Kgwebe copper deposit, adding approximately 1.4 million tonnes of copper to Khoemacau's Mineral Resources, and a polymetallic Mineral Resource at High Lake East within the Izok Project. MMG also reported the prospective Wallaroo copper target at Dugald River, reinforcing its focus on exploration, resource-to-reserve conversion and the expansion of its existing operations.
Guidance for the year remains unchanged, with total production aiming for a high end of 528,000 tonnes of copper and 235,000 tonnes of zinc. Las Bambas is expected to produce up to 400,000 tonnes of copper in 2026.
MMG's 2026 Interim Results Report is available here.
Dugald River
Khoemacau
Kinsevere
Las Bambas
Rosebery
Photo download link: https://drive.google.com/drive/folders/1aSF2F1dMukUU7asMRmxh_J0nEkFaYhdl?usp=drive_link
About MMG
Founded in 2009, MMG's vision is to create a leading international mining company for a low carbon future. The company is headquartered in Melbourne, Australia and Hong Kong and Beijing, China and listed on the Hong Kong Stock Exchange (HKEX1208).
MMG's portfolio supports copper, zinc and cobalt production, with soon to be nickel - products that are critical to achieving global decarbonisation and electrification targets. With operations in Australia, Botswana, the Democratic Republic of Congo and Latin America, the company makes a direct contribution to the economic and social development of its host countries.
In 2025, MMG released its first nature strategy and progressed a refresh of its climate strategy. MMG's membership of the UN Global Compact further aligns the company with global leaders on human rights, climate action, and governance.
Source: MMG Limited
Copyright 2026 ACN Newswire . All rights reserved.
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