HK Stock Market Move | CMOC Group Limited (03993) rose more than 6% in the closing session. The acquisition and delivery of the Brazilian gold mine project have been completed. This year's target gold production is 6 to 8 tons.

CMOC Group Limited (03993) rose more than 6% at the close of trading, rising 5.51% to HK$24.14, with a trading volume of HK$1.3 billion at press time. On the news front, on January 25, CMOC Group Limited announced that its acquisition of Equinox Gold Corp.'s Aurizona gold mine, RDM gold mine, and Bahia integrated mining area, all of which are in Canada and account for 100% of the rights has been completed as of January 23rd. These four gold mines are all in production and are expected to bring in an annual production of 6-8 tons of gold to the company by 2026. JPMorgan issued a research report stating that the recent call with CMOC further reinforced the bank's positive views on the company's strategy and operations. Key business updates include the successful completion of the Brazilian gold mine acquisition, management's target of producing 6 to 8 tons of gold this year and 20 tons by 2030, as well as details on this year's copper production guidance supported by process optimizations and increased capacity in the KFM phase two. The bank increased its profit forecast for CMOC by 27% to 30% for the next two years and raised its target price for both CMOC's A and H shares.