Core Viewpoint - Minmetals Resources (01208) has shown a positive market response, with a nearly 3% increase in stock price, currently at HKD 8.1, and a trading volume of HKD 201 million [1]. Group 1: Production and Operations - The Las Bambas mine is operating smoothly this season, with expected copper production exceeding 100,000 tons in Q4 2023, and all on-site inventory is projected to be sold by year-end [1]. - The expansion of the Kinsevere mine is progressing as planned, while the Khoemacau mine's production is expected to increase quarterly as the new contractor stabilizes operations [1]. - The Dugald River and Rosebery mines have maintained stable performance this season, supported by an optimistic overall commodity market environment, tight copper concentrate supply, and seasonal factors driving zinc prices higher [1]. Group 2: Production Guidance and Price Sensitivity - Minmetals Resources is expected to achieve an annual production guidance of approximately 500,000 tons of copper and about 230,000 tons of zinc for the year, with moderate growth anticipated by 2026 [1]. - The company's earnings remain highly sensitive to fluctuations in copper prices, with a projected 1.7% change in earnings for every 1% change in copper prices by 2026 [1]. - Due to strong growth momentum in Q4, stable copper and zinc production, and rising metal prices, Minmetals Resources is expected to see moderate production growth by 2026, with stable output from the Las Bambas mine and production increases at Kinsevere dependent on power supply [1].
港股异动 五矿资源(01208)盘中涨近3% 机构预计Las Bambas矿区第四季铜产量将超过10万吨