MMG Shares Drop Over 6% in Early Trading as Q3 Copper Output Rises 3% While Zinc Production Falls 5%

Stock News10-15

MMG Ltd (HKG: 01208) shares fell more than 6% in early trading. As of press time, the stock was down 6.00% at HK$7.905, with a turnover of HK$70.6061 million.

On the news front, MMG Ltd disclosed its third-quarter production report. Quarterly group copper output totaled 131,200 tonnes, up 3% year-on-year, mainly driven by increased production at Kinsevere and Khoemacau; total zinc production fell 5% year-on-year to 55,900 tonnes.

Among these, copper concentrate contained copper production at Las Bambas was 100,000 tonnes, down 3% year-on-year, affected by ore characteristics and a decline in copper head grade.

In addition, potential strike risks at the Escondida copper mine in Chile, owned by BHP Group, the world's largest copper mine, had been supporting copper prices. However, the mine's main supervisory union said the two sides have reached a preliminary agreement, thereby reducing the risk of an immediate strike at the world's largest copper mine.

Two industry sources earlier said negotiators had reached a preliminary agreement expected to be submitted to union members for a vote of approval.

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