Update: Revised valuation; Las Bambas update
We increase our 2014/15 earnings estimates for MMG on the back of the strong H114 results and updated commodity price assumptions. As a result, our core NAV for the company moves from HK$2.0/share to HK$2.2. Following the increase in capex and commissioning delay, we in turn lower our net attributable valuation of Las Bambas to HK$0.44/share. At the same time, we remain positive on the project as we see a number of upside risks to our valuation and the copper market fundamentals remain strong.MMG is an investment holding company, engaged in the exploration for mineralization, development of mining projects and the mining, processing and production of copper, zinc, lead, gold and silver. Co.'s segments include: Sepon, an open-pit copper mining operation; Kinsevere, an open-pit copper mining operation; Century, an open-pit zinc mining operation; Rosebery, an underground polymetallic base metal mining operation; Golden Grove, an underground and open-pit base and precious metals mining operation; Las Bambas Project, a development project with prospective exploration options; and Other, which includes exploration and development projects and other corporate entities.
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