By: Mining.com

MMG Ltd. is seeking M&A opportunities to boost its copper portfolio and is assessing takeover targets in Latin America and Africa.

The Chinese-owned miner has identified projects of interest and thinks there may be an opportunity to purchase them “within the near future,” according to interim executive general manager Sandra Xiangjun Guan.

The company is focused “more on Latin America and Africa” and is conducting technical assessments of projects it would like to acquire, Guan said on conference call following the company’s earnings. Although its targets aren’t on the market yet, they could be in the near-term, she said, adding that “we like those projects with a certain scale.”

MMG is looking at projects that aren’t yet in production, but which are are highly advanced and near development, she said, noting the the dearth of opportunities for large-scale copper mines that are already producing.

Mining companies are looking to increase their exposure to copper as they seek to capitalize on rising prices and soaring demand for the metal, which is critical to electrification.

MMG’s annual profit more than tripled last year to its best mark since 2021, buoyed by higher commodity prices and strong output at key mines, although it still fell short of analysts’ estimates. Net income for 2025 reached $509 million, according to a filing, missing the $701 million consensus. Its shares fell as much as 7.4% in Hong Kong.

Copper prices strengthened in 2025, driven by robust demand for energy transition applications and accelerating development of artificial intelligence-related data centers, MMG’s chairman Cao Liang said in the filing.

“At the same time, precious metals continue to attract investment during periods of global uncertainty,” he said.

MMG saw growth at the Las Bambas mine in Peru and Dugald River in Australia. Still, earnings were hurt by an impairment charge at its Kinsevere mine in the Democratic Republic of the Congo.

The firm has made contingency plans at Las Bambas ahead of the Peruvian election next month, and could still record stable production even “under special circumstances,” MMG’s president of Las Bambas Xuesong Chen said on the call.

The mine is Peru’s largest copper project and the Chinese company’s cornerstone asset, but its operations have been hit by years of sporadic social unrest — sometimes tied to political tensions in the Andean nation.

Capital expenditure at Las Bambas this year will increase by between $800 million and $850 million for upgrading existing facilities, taking into account the rapid increase in copper prices, according to the call.