MMG (01208) shares fell nearly 4%, down 3.75% as of press time to HK$7.19, with turnover of HK$95.371 million.

Recently, MMG released its third-quarter operational data. BOCI noted that MMG's third-quarter copper production rose 3% year-on-year to 131,200 tonnes, with the ramp-up of two African mines serving as the main growth driver. Based on the company's updated guidance, the bank estimates fourth-quarter copper production will decline 6% quarter-on-quarter, but still expects full-year copper production to grow 3% year-on-year.

BOCI mentioned that Las Bambas copper production fell 3% year-on-year due to lower ore grades and recovery rates, but strong growth at Kinsevere, boosted by improved power supply and the ramp-up of the sulphide processing line, and at Khoemacau, benefiting from higher ore grades, was sufficient to offset the shortfall.

Meanwhile, zinc production fell 5% year-on-year to 55,900 tonnes, mainly due to mining restrictions at Rosebery following an earthquake in July. The company lowered its full-year copper production guidance for Khoemacau by 9% to 10%, and cut its zinc production guidance for Rosebery by 29% to 33%.