HK Stock Market Move | MMG (01208) falls over 6% in early trading; Q3 total copper production up 3% year-on-year, total zinc production down 5%

MMG (01208) fell over 6% in early trading. As of press time, it was down 6.00% at HK$7.905, with a turnover of HK$70.6061 million. On the news front, MMG disclosed its third-quarter production report. Quarterly group copper production totaled 131,200 tonnes, up 3% year-on-year, mainly driven by increased output at Kinsevere and Khoemacau; total zinc production fell 5% year-on-year to 55,900 tonnes. Among them, copper concentrate containing copper production at Las Bambas was 100,000 tonnes, down 3% year-on-year, affected by ore characteristics and a decline in copper feed grade. In addition, the potential strike risk at Escondida, the world's largest copper mine owned by BHP Group in Chile, had been supporting copper prices. However, the mine's main union said the two sides have reached a preliminary agreement, thereby reducing the risk of an immediate strike at the world's largest copper mine. Two industry sources said earlier that negotiators had reached a preliminary agreement expected to be submitted to union members for a vote of approval.