MMG said this was despite a year of strong performance from the North Queensland zinc mine, 70km north of Cloncurry, now in its first full year of commercial production.

MMG CEO Geoffrey Gao said their financial performance was impacted by lower commodity prices and lower copper sales following the logistics disruptions in Peru but Dugald River was a stand-out performer.

"Dugald River, now in its first full year of commercial production, performed very strongly in 2019 with the mill having operated above design capacity for seven consecutive quarters," Mr Gao said.

Dugald River produced 170,057 tonnes of zinc in concentrate in 2019.

MMG said de-bottlenecking projects and improved mine production has supported a strong and stable ramp-up, with the mill now having operated at above design capacity for seven consecutive quarters.

The mine's earnings of of US$108.7 million was significantly higher than the prior year, with 2019 being the first full year of commercial production.

"In its first full year of commercial production, Dugald River overcame challenges due to the severe flooding event in Queensland to deliver 170,057 tonnes of zinc with the mill operating above design capacity for seven consecutive quarters," MMG said.

MMG expects planned increases in mine capacity to support zinc equivalent production of 200,000 tonnes per annum

Mr Gao said MMG's core commodities were well positioned to benefit from the growth in electric vehicle and renewable energy demand, as well as urbanisation and China's Belt and Road initiative.

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