CMOC (03993) rose more than 4%, with the stock up 4.09% to HK$22.9 at the time of writing, generating a turnover of HK$237 million. The increase follows the recent completion of the company's acquisition of a Brazilian gold mine for a transaction value of $1.015 billion. The mine holds reserves of 3.87 million ounces, with an average grade of 1.45 grams per ton. Management plans for the mine to contribute 6 to 8 tons of gold production by 2026, with annual output targeted to increase to 20 tons by 2030. The acquisition is expected to create synergies between the new gold operations and the company's existing copper and cobalt business. Combined with copper capacity expansion and cost optimization efforts, profit forecasts for 2026-2027 have been raised by 27% to 30%, with the potential for over 50% profit growth for a consecutive year. The company's copper production guidance for 2026 is set at 760,000 to 820,000 tons, driven by process optimization and technical upgrades at the TFM and KFM mines. The second phase of the KFM project is scheduled to commence production in 2027, adding approximately 100,000 tons of copper capacity annually. By 2028, copper production is targeted at 800,000 to 1 million tons, with a baseline of 800,000 tons; the TFM Phase III project, currently undergoing a feasibility study, is expected to provide additional volume. In 2026, the company aims to further optimize copper unit costs by reducing bulk material procurement prices and maintaining globally leading capital expenditure and operational cost levels.