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MMG rises as Peru court says unit not liable to penalty tax

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** Shares of Chinese miner MMG Ltd 1208.HK rise 6.8% to HK$3.3, their highest since June 4, extending gains for a second session

** Stock on track for biggest one-day rise since May 27 if trend holds; top gainer in Hong Kong's material index .HSCIM

** MMG said its subsidiary Minera Las Bambas S.A. (MLB) has received a favourable decision of the Tax Court in Peru determining that MLB is not liable to penalty withholding tax at a 30% rate

** Says the Tax Court decision relates to the 2017 tax year

** It is not clear at this point whether the National Superintendence of Tax Administration of Peru intend to appeal the decision, and appeals in the Peruvian tax administration and judicial systems can take many years to resolve - Co

** Firmer metal price also provides support with copper prices edging up on Thursday as sentiment was lifted by China's central bank's reinforcement of its easing monetary stance, better end-user demand and mine supply shortage worries

** Hong Kong's material index .HSCIM slips 0.2% and Hang Seng Index .HSI eases 0.5%

** Stock up 48.1% YTD

Reporting by Donny Kwok


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