On October 27, MMG rose 3.01% in regular trading, trading at HK$7.20, with turnover of HK$84.04 million.

The move was associated with a recent recovery in copper prices and improving sentiment across the nonferrous metals space, which helped ease market concern over the company’s earlier reductions to full-year production guidance.

Earlier disclosures showed third-quarter total copper output rose 3% year on year to 131,200 tonnes, supported by Kinsevere as power conditions improved and the sulphide processing line ramped up. The company also indicated cathode copper production at Kinsevere is expected to reach the upper end of its annual guidance range. Offsetting that, MMG had previously lowered Khoemacau’s full-year copper production guidance by 9% to 10% and cut Rosebery’s zinc production guidance by 29% to 33%. Even so, prior broker commentary maintained a buy rating and raised the target price, suggesting stronger output from other assets and by-products partly cushions the guidance downgrade.

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