Changes in Hong Kong stocks | Minmetals Resources (01208) rose more than 6%. The company plans to drastically increase Brazil's nickel industry's production to more than 150,000 tons

The Zhitong Finance App learned that Minmetals Resources (01208) rose by more than 6%, rising more than 23% during the month. As of press release, it rose 5.28% to HK$2.79, with a turnover of HK$245 million.

According to the news, Minmetals Resources recently announced its annual results, with annual revenue of 4.479 billion US dollars, an increase of 3% over the previous year; net profit of 162 million US dollars, an increase of 17 times. Furthermore, Minmetals Resources recently announced the acquisition of British American Resources' nickel business in Brazil. Chairman Xu Jiqing said that the company will not be satisfied with the Brazilian nickel industry's annual nickel production of about 40,000 tons, and hopes to expand the Brazilian nickel industry's production to more than 150,000 tons around 2030.

Goldman Sachs released a research report stating that it will lower Minmetals Resources' 2025 net profit forecast by 19% and raise the 2026 net profit forecast by 26% to reflect 2024 results, in line with the global commodities team's latest copper price forecast. The bank believes that Minmetals Resources, as a leveraged pure copper company, will benefit from rising copper prices and increased production. In addition, the company reported net profit of US$162 million in 2024, an increase of 17 times over the previous year, or US$0.015 per share. Excluding one-time losses such as inventory impairment and impairment, the recurring net profit reached US$240 million, which is basically in line with the bank's expectations.