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(Bloomberg) — MMG Ltd. said profit more than tripled last year, buoyed by higher commodity prices and strong output at key mines, though still fell short of analyst estimates.
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The Chinese-owned mining company’s net income for 2025 reached $509 million, according to a filing, missing the $701 million consensus. It was the strongest annual profit since 2021.
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Copper prices strengthened in 2025, driven by robust demand for energy transition applications and accelerating development of artificial intelligence-related data centers, according to Chairman Cao Liang.
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“At the same time, precious metals continue to attract investment during periods of global uncertainty,” he said.
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The firm saw growth at the Las Bambas mine in Peru and Dugald River in Australia. Still, earnings were hurt by an impairment charge in its Kinsevere mine in the Democratic Republic of the Congo.
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The firm has set aside contingency plans in Las Bambas ahead of the Peru election in next month, so it could still hit stable production even “under special circumstances”, MMG’s president of Las Bambas Xuesong Chen said in an earnings call Wednesday.
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“We will continue to pay attention to external situation and make adjustments to our strategies in order to guard against risk,” Chen said.
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Capital expenditure for Las Bambas in 2026 will increase by $800 million to $850 million for upgrading and revamping existing production facilities, taking into account the rapid increase in copper prices.
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Las Bambas is Peru’s largest copper mine and the Chinese company’s cornerstone asset, but its operations have been hit by years of sporadic social unrest — sometimes tied to political tensions in the Andean nation.
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(Updates with earnings call comments from sixth paragraph.)
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