The Zhitong Finance App learned that Bank of China International released a research report stating that it reaffirmed the “buy” rating of Minmetals Resources (01208). The target price was raised from HK$10.86 to HK$11.01, which is equivalent to 8.9 times the projected price-earnings ratio in 2026. The bank raised its 2026-2028 profit forecast by 3% to 5%, mainly due to strong molybdenum and silver production in the third quarter. Copper production in the third quarter of Minmetals Resources increased 3% year-on-year to 1312,000 tons, with rising production capacity in two African mines as the main driving force for growth. According to the company's updated guidelines, the bank estimates that copper production in the fourth quarter fell 6% month-on-month, but still expects annual copper production to increase 3% year-on-year.

The Bank of China mentioned that Las Bambas copper production fell 3% year-on-year due to falling ore grades and recycling rates, but Kinsever benefited from improved electricity supply and a climb in sulphide ore treatment lines, while Khoemacau benefited from higher ore grades. Strong growth in both was enough to offset the gap. Zinc production fell 5% year-on-year to 55,900 tons during the same period, mainly due to restrictions on mining in Rosebery after the July earthquake. The company lowered Khoemacau's annual copper production guideline by 9% to 10% and the Rosebery zinc production guide by 29% to 33%.

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