Bank of America Merrill Lynch maintained the CITIC Manganese (01091-HK) purchase investment rating. The target price was lowered by 15% to HK$3 from HK$3.5, and the 2011/2012 earnings estimates per share were reduced by 18% and 24% to $0.19 and $0.31, reflecting lower manganese prices than expected since this year. Bank of America Merrill Lynch said that CITIC Manganese shares have fallen 15% since mid-April due to weak manganese ore and electrolytic manganese metal prices. The bank believes this provides a good buying opportunity, as the price of the material broke out of its trough in the third quarter and began to rise again in the fourth quarter. The bank expects the newly acquired coal mine in Guizhou Province to support profits in 2012. CITIC Manganese rose 3.11% throughout the day to close at HK$2.32.