SUPPLY NEWS - MMG's Las Bambas copper mine starts commercial production

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Vivian Teovivian.teo@fastmarkets.comJoint News Editor - Asia

Singapore 07/07/2016 - The Las Bambas copper mine in Apurimac in Peru has achieved commercial production on 1 July 2016, MMG, the majority owner of the mine, announced on Thursday.

Ramp-up of the plant and commercial production were on schedule.

“MMG is emerging as a major copper player, continuing to invest in the down cycle with the support of its major shareholder China Minmetals Corporation,” Andrew Michelmore, CEO of MMG, said in a statement.

Copper production at the mine had commenced in the fourth quarter 2015 with the first concentrate achieved on November 26.

The first concentrate shipment had departed the Port of Matarani for China on January 15 - Jiangxi Copper Co was the buyer.

Las Bambas produced 31,470 tonnes of copper in copper concentrate in the first quarter 2016. MMG expects the mine to produce 250,000-300,000 tonnes of copper in copper concentrate this year.

The Las Bambas mine is owned by a consortium of MMG (62.5 percent), Guoxin International Investment Co (22.5 percent) and CITIC Metal Co (15 percent), which purchased the mine from Glencore in 2014.



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