MMG (01208) saw its shares rise more than 5%, reaching HK$8.94 with a turnover of HK$177 million. On April 21, the company announced that its total copper production for the first quarter of 2026, including cathode copper and copper in concentrate, reached 128,700 tonnes, a 9% increase compared to the same period in 2025. Copper in concentrate production from Las Bambas reached 101,000 tonnes, up 6% year-on-year, primarily due to improved metallurgical recovery rates, which benefited from increased ore supply and higher ore grades from the Ferrobamba pit. Production from Khoemacau remained stable at 10,700 tonnes of copper in concentrate. The company stated that the Khoemacau expansion project is progressing. The project involves constructing a new concentrator with an annual processing capacity of 4.5 million tonnes and extending mining activities to the northern Zone 5, Mango, and northeast Zeta deposits, targeting an annual production of 130,000 tonnes of copper in concentrate (with over 4 million ounces of associated silver). A groundbreaking ceremony was held in February 2026, key long-lead equipment has arrived on site, and construction is advancing steadily. The first copper concentrate is expected to be produced in the first half of 2028. The expansion is projected to reduce the mine's average C1 cost to below US$1.60 per pound over its life. Supported by ongoing exploration, the company has identified potential for further expansion to an annual capacity of 200,000 tonnes of copper in concentrate, with a pre-feasibility study for the next phase initiated early this year.