Shares of MMG (HKEX: 01208) rose nearly 4% in trading. At the time of writing, the stock was up 2.36% to HK$8.67, with a turnover of HK$107 million.
The company announced its production results for the second quarter of 2026. Total copper production, comprising both cathode copper and copper contained in concentrate, reached 137,843 tonnes. Total zinc production, as zinc contained in concentrate, was 55,538 tonnes. Both figures were largely consistent with the corresponding period in 2025.
At the Las Bambas operation, copper contained in concentrate output was 109,192 tonnes, representing a 5% year-on-year decrease. The average ore grade for the quarter was 0.86%, lower than the prior year, primarily due to the mining sequence. However, metallurgical recovery rates remained robust at 89.8%.
A recent research report highlighted that Las Bambas' second-quarter copper concentrate production of 109,000 tonnes aligns with the full-year guidance range of 380,000 to 400,000 tonnes. Meanwhile, production from the Khoemacau mine reached 22,000 tonnes in the first half, accounting for approximately 42% to 46% of its annual target.
The report anticipates production growth in the second half of the year, driven by improved equipment utilization, the deployment of new mining equipment, and access to higher-grade ore. It is expected that operational stability across the company's mines will improve in the latter half.
Furthermore, with Las Bambas' production potentially reaching the upper end of its full-year guidance and concerns over social stability in Peru easing following the presidential election, continued improvements in output and cost efficiency are projected to drive further earnings growth for the company.
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