HK Stock Market Move | MMG (01208) rose nearly 4% with a total copper production of 137,800 tons in the second quarter. It is expected that Las Bambas production will reach the upper limit of annual guidance.

MMG (01208) rose by nearly 4%, up 2.36% at the time of publication, at 8.67 Hong Kong dollars, with a trading volume of 107 million Hong Kong dollars. On the news front, MMG announced that in the second quarter of 2026, the total copper production (including electrolytic copper and copper concentrate containing copper) was 137,843 tons, and the total zinc (zinc concentrate containing zinc) production was 55,538 tons, both basically flat compared to the same period in 2025. The copper concentrate containing copper production at Las Bambas was 109,192 tons, a 5% decrease year-on-year. This quarter, the average ore grade was 0.86%, lower than the same period last year, mainly affected by the mining sequence. The beneficiation recovery rate this quarter remained strong at 89.8%. Morgan Stanley released a research report stating that MMG's Las Bambas copper concentrate production in the second quarter of this year was 109,000 tons, in line with the annual production guidance of 380,000 to 400,000 tons. The Khoemacau mine's production in the first half of the year was 22,000 tons, accounting for 42% to 46% of the annual guidance. Morgan Stanley expects production to increase in the second half of the year as equipment utilization rates improve, new mining equipment is deployed, and ore grades remain high. The bank believes that the operating conditions of the company's mines in the second half of the year will be relatively stable, and Las Bambas' production is expected to reach the upper end of the annual guidance. In addition, concerns about social stability after the Peruvian presidential election will alleviate, and improvements in production and costs will continue to drive profit growth.