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62.5% Las Bambas (Peru) — ~400kt Cu/y, ~1.5% of global supply. MMG is the listed vehicle for China MinMetals Corp (state-owned) outbound copper. MOFCOM-directed acquisition from Glencore 2014 ($5.85B). Core node in cn-outbound-mining-fdi theme.
🇺🇸 US accounts for 22% of severity-weighted pressure. Regulatory focus shifted from 🇺🇸 US to 🇨🇳 CN in 2026Q3.