MMG reported positive Q315 production results, with total copper and zinc output rising 8% and 6% year-on-year. Despite the recent social unrest near Las Bambas, we currently view the risk of the project being affected as very low. MMG's strong operational performance warrants a moderate valuation upgrade to HK$3.1/share. In our view, the stock continues to represent an attractive investment opportunity.
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Maintaining strong operational momentum
MMG reported positive Q315 production results, with total copper and zinc output rising 8% and 6% year-on-year. Despite the recent social unrest near Las Bambas, we currently view the risk of the project being affected as very low. MMG's strong operational performance warrants a moderate valuation upgrade to HK$3.1/share. In our view, the stock continues to represent an attractive investment opportunity.