Two layers

MMG LIMITEDbuyer room · privateManage buyer room

Two layers. Public-disclosed layer (this row's entry point): concentrate offtake contract economics disclosed as HKEX continuing connected transactions — contracted quantity bands (approximately 36,000-48,000 dry metric tonnes per contract year, plus or minus 10 percent at the seller's option), the pricing formula (copper at LME and silver at LBMA averaged over an agreed quotational period, less agreed treatment and refining charges and penalties), the annual renegotiation cycle for quantity and charges, the benchmarking convention (terms cross-referenced against a contract agreed with an unrelated major smelting group) and the governance overlay (executive committee review, independent non-executive director approval, annual review, percentage-ratio thresholds). Proprietary layer behind it, which is the actual licensable asset: the internal projections the disclosure is built on — volume and assay forecasts by operation, copper and silver price outlook at a dated cut-off (November 2025 here), expected treatment and refining charges and penalties — plus the operating data behind MMG's quarterly production reporting across Las Bambas, Kinsevere, Khoemacau and its zinc operations (mill throughput, head grade, recovery, concentrate grade and impurity profile, guidance versus realised output).