Update: Solid Q414/FY14 production results outweighed by weak commodity sentiment
MMG reported robust Q414 and FY14 operating results, achieving record copper production and sales. While FY15 guidance points to lower copper and zinc output, we believe that the key market focus remains on bringing the Las Bambas project into production on time and on budget, as well as on the commodities price performance. With Las Bambas on track and copper looking oversold and set to recover, we expect MMG shares to be supported in the near term.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.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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