Bank of China International: Adjusting the target price of Minmetals Resources (01208) to HK$10.93, strong metal production performance in the second quarter

Zhitongcaijing · 2d ago

The Zhitong Finance App learned that Bank of China International released a research report saying that thanks to the strong performance of the Las Bambas and Dugald River mines, the total copper and zinc production of Minmetals Resources (01208) in the second quarter of 2026 increased by 7% and 10%, respectively. Although the company basically maintained the annual production guidelines, it lowered the C1 cash cost guidelines for its three mines due to significant by-product deduction benefits in the first half of 2026. After fine-tuning the model, BOCI lowered the company's 2026-2028 earnings forecast per share by 0% to 2% and adjusted the target price to HK$10.93, reaffirming the “buy” rating.