Citigroup: downgrades Minmetals Resources' target price to 11.2 Hong Kong dollars, maintains a "buy" rating.

Citibank released a research report stating that, taking into account the financial performance for the fiscal year 2025 and the latest management guidance, the bank has lowered its profit forecast for MMG this year by 0.9% to $1.706 billion USD, while increasing next year's profit forecast by 2.3% to $1.58 billion USD, and introducing a profit forecast of $1.624 billion USD for 2028. The bank maintains its "buy" rating on the company, with a target price lowered from HK$12.5 to HK$11.2. The bank cited MMG management's expectations that capital expenditure for Las Bambas this year will be between $800 million and $850 million, mainly for maintenance capital expenditure required to maintain copper production of about 400,000 tons. The remaining capital expenditure for the Khoemacau expansion project to a capacity of 130,000 tons is approximately $800 million.