Citi updated the Minmetals resource model to reflect the first half of 2026 results and the latest management guidelines, and raised the 2026-2028 profit forecast by 3.7%, 36.3% and 14.6%, respectively, to $1,769 billion, $2.154 billion and US$1,861 billion. The bank raised the target price of Minmetals resources from HK$11.2 to HK$12, mainly driven by higher copper price predictions and lower Las Bambas copper C1 cost assumptions, and maintained a “buy” rating.

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