Khoemacau Delivers Strong Fourth-Quarter Copper Production and Cost Performance
Khoemacau Copper Mining Boosts Q4 2025 Output on Higher Grades and Lower Costs
Khoemacau Copper Mining delivered a strong operational performance in the fourth quarter ended 31 December 2025, producing 10,993 tonnes of copper in concentrate, an 8 percent increase compared with the corresponding period in 2024.
According to MMG Limited’s Fourth Quarter Production Report for the three months ended 31 December 2025, the improved quarterly outcome was driven by higher ore grades and stronger metallurgical recoveries.
The average ore milled grade increased to 1.60 percent, up from 1.49 percent in the fourth quarter of 2024, while metallurgical recovery improved to 89.7 percent, compared with 87.1 percent in the prior-year period.
The expansion of mining activities into Zone 5 North during the quarter further supported the uplift in grades and recoveries. Operational momentum was also strengthened by higher ore mined volumes following the successful ramp-up after a temporary disruption in the third quarter of 2025.
That disruption resulted from the transition to a new mining contractor, which had constrained ore availability earlier in the year. By the fourth quarter, mining operations had stabilised, enabling production levels to recover.
For the full year 2025, Khoemacau produced 42,120 tonnes of copper in concentrate. While this result was approximately 1,000 tonnes below the lower end of the company’s revised annual guidance, management attributed the shortfall primarily to the temporary reduction in ore mined during the contractor transition in the third quarter.
Cost performance for the year was notably strong. Full-year 2025 C1 costs, on a pre-silver stream basis, averaged US$1.97 per pound, well below the guidance range of US$2.30 to US$2.65 per pound.
The lower cost base was largely driven by higher silver prices, which boosted by-product credits, along with reduced ore development costs.
Overall, Khoemacau’s fourth-quarter rebound and disciplined cost control position the operation favourably as it enters 2026, with stabilised mining operations and improved operational efficiencies expected to support continued performance.
