Core Viewpoint - Minmetals Resources (01208) shows positive operational performance, with expectations for increased copper and zinc production in the upcoming quarters, driven by stable operations at key mining sites and favorable market conditions [1] Group 1: Operational Performance - The Las Bambas mine is operating smoothly this season, with copper production expected to exceed 100,000 tons in Q4 [1] - All on-site inventories are projected to be sold by the end of the year [1] - The Kinsevere mine expansion is progressing as planned, while production at the Khoemacau mine is expected to increase quarterly as new contractors stabilize operations [1] Group 2: Market Conditions - The performance of the Dugald River and Rosebery mines remains stable, supported by an optimistic overall environment in the commodity market [1] - There is a tight supply of copper concentrate, and zinc prices are rising due to seasonal factors [1] Group 3: Production Guidance - The company is expected to achieve annual production guidance of approximately 500,000 tons of copper and about 230,000 tons of zinc this year [1] - Production is anticipated to grow moderately by 2026, although the sensitivity of earnings to copper price fluctuations remains high, with a 1% change in copper prices leading to approximately a 1.7% change in earnings by 2026 [1] Group 4: Rating and Outlook - Due to strong growth momentum in Q4, stable copper and zinc production, and rising metal prices, the company is expected to see moderate production growth by 2026 [1] - The stability of production at the Las Bambas mine and the potential increase at the Kinsevere mine will depend on power supply [1] - The company maintains a "Hold" rating, citing improved copper fundamentals but limited short-term upside potential [1]
五矿资源盘中涨近3% 机构预计Las Bambas矿区第四季铜产量将超过10万吨