HK Stock Market Move | MMG (01208) rose by more than 5% as the expansion project of the Khoemacau copper mine in Botswana was approved.

MMG (01208) rose by over 5%, reaching 5.68% at the time of writing, with a reported price of 9.11 Hong Kong dollars and a trading volume of 1.46 billion Hong Kong dollars. On the news front, on December 29th, MMG announced that it has approved the feasibility study of a major expansion project for the Khoemacau copper mine in Botswana, and has officially started construction. The project aims to increase annual production capacity to 130,000 tons of copper concentrate containing copper, and to produce over 4 million ounces of associated silver annually. The project will include extending the mining area to the northern part of Zone 5, Mango, and the northeast part of Zeta, as well as constructing a new processing plant with an annual capacity of 4.5 million tons. This expansion will increase the total processing capacity of the mine to over 8 million tons per year. The total capital expenditure for the project is estimated to be around 900 million US dollars (including related expenditures before 2026). The expansion project is expected to produce the first batch of copper concentrate in the first half of 2028. The expansion project is expected to optimize the average C1 cost within the mine's life to below 1.60 US dollars per pound, significantly lower than the actual C1 cost of 2.05 US dollars per pound achieved in the six-month period ending on June 30, 2025. This expansion is an important strategic initiative aimed at enhancing the long-term profitability and production capacity of the company's copper asset portfolio.