Copper Prices are not expected to stay at high levels. We believe that there are too many speculating factors surrounding the copper market and current high copper price is not expected to be sustained Revise up copper price assumptions, and maintain other metal price assumptions unchanged. We expect metal prices to be under pressure due to the global COVID-19 pandemic. We expect molybdenum and tungsten price to decline moderately in 2020 due to weak downstream consumption demand. We expect the average annual copper price to be around US$6, 100/t and the average annual cobalt price to be around US$31,500/t in2020
　　Maintain mining output assumptions unchanged. In 2020, the Companyplans to produce 12,000-15,000 tons of metal equivalent molybdenum concentrate, 7,000-9,000 tons of metal equivalent tungsten concentrate.
　　24,000-29,000 tons of mined copper from Northparke mine, 163,000-200,000tons of mined copper and 14,000-17,000 tons of mined cobalt from Tenke mine. The production of the Company was stable in the first 3 quarters, in line with its production plan, so we maintain mining output assumptions unchanged Revise up TP to HK$3.83, but downgrade to "Reduce".