MMG Ltd plans to raise approximately US$1.6 billion through a share placement and the issuance of convertible bonds to strengthen its balance sheet and support future growth. The company intends to raise about US$800 million through a new share placement priced between HK$8.86 and HK$9.15 per share, alongside US$800 million in zero-coupon convertible bonds due in 2027. According to the company, the proceeds will be used to refinance shareholder and external loans, fund existing projects and expansion plans, pursue potential acquisitions and investments, and provide additional working capital. The financing will enhance MMG’s financial flexibility and support future mine development and growth initiatives.

[SMM Shanghai spot copper] During the day, copper prices pulled back, falling to around 104,800 yuan/mt, but remained at a relatively high level. Under the pressure of high copper prices, Shanghai spot copper trading was thin, and premiums widened slightly. Suppliers in Shanghai lowered their offers from a premium of 20 yuan/mt to parity, but transactions remained difficult. Available cargoes in Changzhou were tight, and some deals were done at a premium of 20 yuan/mt.

Surge Copper has released a prefeasibility study (PFS) for its Berg copper-molybdenum project in British Columbia, Canada. The study estimates a post-tax net present value (NPV) of C$4.6 billion at an 8% discount rate, more than double the C$2.1 billion outlined in the 2023 preliminary economic assessment (PEA). The project's internal rate of return (IRR) increased to 24%, while total copper production over the 28-year mine life is expected to reach 4.9 billion pounds, up 32% from the previous study. Initial capital costs are estimated at C$4.7 billion. The company said Berg is emerging as one of Canada's largest undeveloped copper projects and will continue advancing environmental assessments and development planning.