HK Stock Market Move | MMG (01208) is currently up nearly 7% as the Las Bambas mine will undergo upgrades. The company's production improvement in the third quarter exceeded expectations.

MMG (01208) is now up nearly 7%, as of press time, up 6.61% to HK$2.74, with a turnover of HK$39.7557 million. On the news front, MMG's Las Bambas mine in Peru has successfully obtained approval from the environmental regulatory agency Senace to invest US$6.6 billion in a comprehensive upgrade. It is reported that the entire upgrade project will be divided into two phases. This upgrade project will extend the operating time of the Las Bambas mine by six years, until 2039. HSBC previously pointed out that MMG's production improvement in the third quarter exceeded expectations, making it more optimistic about its profit growth next year. In the long run, the bank believes that the group's growth will come from capacity expansion at Chalcobamba, Kinsevere, and Khoemacau. However, recent operational improvements have been reflected in the stock price, and downside risks may arise from weaker than expected copper prices or any new operational issues. In addition, due to the expected increase in copper supply next year, coupled with a slowdown in demand growth due to rising copper prices, a cautious attitude is held towards copper prices.