Magna Mining Sets Quarterly Tonnage Record at McCreedy West
Event summary
- Magna shipped 91,724 tons of ore in Q2 2026, an 11.5% increase from Q1 and a new record under its ownership.
- Average grade for April-May shipments was 3.55% copper equivalent (CuEq), near the upper end of annual guidance.
- Underground development exceeded 2,350 feet, also a quarterly record.
- Acquired $1 million in well-maintained underground equipment from a nearby closing operation, with potential savings of $9-12 million.
The big picture
Magna's record production at McCreedy West underscores its operational momentum in the Sudbury Basin, a region known for its rich copper and nickel deposits. The strategic acquisition of equipment at below-market rates highlights Magna's focus on cost optimization amid volatile commodity prices. This operational efficiency positions Magna favorably against peers in the base metals sector.
What we're watching
- Production Sustainability
- Whether Magna can maintain record production levels in the second half of 2026.
- Cost Efficiency
- The impact of acquired equipment on reducing capital expenditures for Levack Mine and other projects.
- Safety Culture
- How Magna will sustain its zero reportable injury rate as operations expand.
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