Citigroup has issued a research report, announcing an upward revision of its profit forecasts for MMG (01208) for the years 2025 to 2027 by 3%, 47.2%, and 5.6% respectively, to $801 million, $1.721 billion, and $1.545 billion. The bank also significantly raised its target price for the stock from the previous HK$7.2 to HK$12.5, while maintaining a "Buy" rating. The report noted that MMG held a conference call last Friday (23rd) to provide a production update for the fourth quarter of 2025 and a business outlook for 2026. Copper production at MMG's Las Bambas project in the fourth quarter of last year decreased by 5% quarter-on-quarter to 97,300 tonnes, an 8% year-on-year decline, but an improvement is anticipated in the first quarter of 2026. Management expects that under stable operating conditions, the copper production target for 2026 can reach 400,000 tonnes, with a conservative lower estimate of 380,000 tonnes, and anticipates maintaining a similar annual production level in the coming years. The C1 cost guidance for 2026 is set at $1.20 to $1.40 per pound, and if gold and silver prices remain at their current highs, costs could potentially be further reduced by $0.20 to $0.30 per pound. Regarding the Kinsevere project, electrolytic copper production reached 12,600 tonnes in the fourth quarter of last year, a 15% decrease quarter-on-quarter but a 21% increase year-on-year. Management expects electrolytic copper production for this year to reach between 65,000 and 75,000 tonnes.