MMG (01208) has seen its shares rise over 5%, with a current increase of 4.12% to HKD 6.82, as trading volume hits HKD 127 million. Recently, the company released its operational data for the third quarter of 2025. In this period, MMG's total copper production (including copper concentrate and electrolytic copper) reached 127,000 tons, marking an 11% increase compared to the same period last year. Zinc production totaled 58,700 tons, reflecting a robust 26% year-over-year growth. The Las Bambas mine has positioned itself as the fifth largest copper mine globally in terms of production for the first half of the year. In the third quarter, the mine produced 102,900 tons of copper concentrate, a 14% increase from the same quarter in 2024, continuing the strong production momentum from the second quarter. Mining activities at Chalcobamba and Ferrobamba pits have maintained stability without any external disruptions. Both the concentrate grade and recovery rates have remained high. CCB International notes that MMG's copper and zinc production in Q3 2025 have increased by 11% and 26% year-over-year, respectively, benefiting significantly from strong performances at Las Bambas, Kinsevere, and Dugald River mines. Given the stable operations at Las Bambas this year, the company has raised its full-year copper production guidance for this mine to 400,000 tons, and the bank believes this production level can be sustained for the next two years.