On July 22, MMG Limited rose 6.34% in regular trading, trading at HKD 8.18/share, with turnover of HKD 153 million. The rally was driven by the company's Q2 production report released on July 21, combined with a broader copper sector rally on accelerating inventory drawdown.

According to the production report, MMG's total copper output reached 137,843 tonnes in Q2, up 8% quarter-over-quarter. The company maintained its full-year production guidance across all five mines, with Las Bambas copper mine guidance unchanged at 380,000-400,000 tonnes of copper-in-concentrate. Notably, C1 cash cost guidance was lowered for three mines, with Las Bambas reduced to USD 0.85-1.05 per pound. Kinsevere delivered electrolytic copper output of 16,980 tonnes, up 24% year-over-year, benefiting from sulphide ore processing ramp-up.

Additionally, the company disclosed that its Khoemacau copper mine has identified expansion potential of up to 200,000 tonnes of copper-in-concentrate per annum. Copper inventory drawdown exceeding market expectations has reinforced the supply-demand tightness narrative, lifting the broader copper sector.

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