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mmg ltd (1208) Details

MMG Limited, an investment holding company, engages in exploring, mining, processing, and producing copper, zinc, lead, gold, and silver deposits. The company owns and operates Sepon, an open-pit copper and gold mine located in Southern Laos; Kinsevere open-pit copper mine in the Katanga province of the Democratic Republic of the Congo, Africa; Century open-pit zinc mine located in north-west Queensland; Rosebery underground polymetallic base metal mine located in Tasmania; and Golden Grove underground and open-pit base and precious metals mine located in Western Australia’s mid-west. It also has exploration projects in Australia, Africa, and the Americas. In addition, MMG Limited provides management and employment, treasury, and financial services. The company was formerly known as Minmetals Resources Limited and changed its name to MMG Limited in September 2012. MMG Limited was incorporated in 1988 and is headquartered in Melbourne, Australia, and is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. MMG Limited is a subsidiary of China Minmetals Non-ferrous Metals Company Limited.

5,773 Employees
Last Reported Date: 09/21/15
Founded in 1988

mmg ltd (1208) Top Compensated Officers

Chief Executive Officer, Executive Director a...
Total Annual Compensation: $4.8M
Chief Financial Officer and Executive Directo...
Total Annual Compensation: $1.9M
Executive General Manager of China & Group St...
Total Annual Compensation: $1.2M
Compensation as of Fiscal Year 2014.

mmg ltd (1208) Key Developments

MMG Limited David Mark Lamont to resign as Executive Director and Chief Financial Officer

The board of directors of MMG Limited announced that Mr. David Mark Lamont has given three months' notice of his resignation as Executive Director and Chief Financial Officer (CFO) of the Company. Mr. Lamont has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Mr. Lamont has advised that his resignation is due to him pursuing an alternative role with an ASX listed company.

MMG Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2015

MMG Limited announced unaudited consolidated earnings results for the six months ended June 30, 2015. For the six months, the company reported revenue of $1,113.8 million against $1,193.7 million a year ago. Earnings before interest, income tax, depreciation and amortisation expenses ­ EBITDA was $375.9 million against $364.7 million a year ago. Loss before interest and income tax ­ LBIT was $5.0 million against earnings before interest and income tax ­ EBIT of $116.5 million a year ago. Loss before income tax was $46.8 million against profit before income tax of $79.2 million a year ago. Loss profit for the period attributable to equity holders of the company was $46.2 million or 0.87 cents basic and diluted per share against profit for the period attributable to equity holders of the company of $39.2 million or 0.74 cents basic and diluted per share a year ago. Net cash generated from operating activities was $202.7 million against $200.5 million a year ago. Purchase of property, plant and equipment was $946.4 million against $116.0 million a year ago. Payments made to develop intangible assets were $7.2 million against $10.6 million a year ago. Net debt as on June 30, 2015 was $978.7 million against $1,229.9 million as on December 31, 2014.

Segue Resources Limited and MMG Limited Enter into Plumridge Nickel Joint Venture

Segue Resources Limited announced that it has entered into a joint venture agreement with MMG Limited, over eight tenements at the company's Plumridge Nickel Project in the Fraser Range Province, Western Australia. The Plumridge Nickel Joint Venture (Joint Venture) allows MMG to earn up to a 70% interest by funding up to $14 million of exploration covering 2,250 km2 of exploration licences across the Fraser Range. Segue will retain a 100% interest in three exploration licences which include the Corvette gold prospect and Salt Creek Intrusive Complex. Under the Joint Venture, MMG can earn an initial 51% interest through the expenditure of $6.5 million before 31 December 2019 (Stage 1), including $1.5 million to be spent before 31 December 2016. Once MMG has met the Stage 1 requirements, MMG can elect to increase its interest by 19% (to 70%) through the additional expenditure of $7.5 million within two years. MMG must maintain all tenements in good standing during both Stage 1 and Stage 2. The Joint Venture agreement contains standard provisions, including contributions in proportion to equity holdings, dilution and pre-emptive rights. If either Segue or MMG's joint venture interest dilutes to less than 10% then that party's interest will convert to a 1.5% NSR royalty. Over the past two years, Segue has completed a series of transactions which have resulted in the Company owning a 100% in over 3,300 km2 of exploration tenements at the Plumridge Project in the Fraser Range Province of Western Australia. Segue has undertaken a significant amount of regional exploration, including a detailed aeromagnetic survey and more recently a project-wide gravity survey. The 100%-owned, contiguous tenement holding, coupled with high quality datasets and systematic exploration programme has allowed Segue to enter into the first exploration joint venture with a leading mining company in the Fraser Range. MMG will manage all exploration activities on the Joint Venture tenements and is required to spend a minimum of $1.5 million by 31 December 2016 and a further $5.0 million by 31 December 2019 to earn an initial 51% interest in the Joint Venture. If MMG elects to continue sole-funding beyond Stage 1, it can increase its interest to 70% through an additional $7.5 million of expenditure over two years. If this occurs, a total of $14 million would have been spent by MMG on the Plumridge Nickel Project, with Segue retaining a 30% interest. Segue will retain a 100% interest in three exploration licences to the west of the Plumridge Nickel Joint Venture tenements. These tenements contain the Harris Lake Shear Zone which hosts several known gold prospects (Plumridge Gold Project) and the Salt Creek Project. Segue is currently developing an exploration strategy for both the Salt Creek Project and Plumridge Gold Project. The Plumridge Gold Project lies approximately 60km southwest of the +5 million ounce Tropicana Gold Project. Gold mineralization at the Plumridge Gold Project was discovered in 2007 by previous tenement holders and includes the Corvette, Mustang, Stingray and Camaro prospects. Segue has completed a Portable Infra-red Mineral Analysis (PIMA) study on over 14,000 historical bedrock drill chips and undertaken a structural review incorporating the recent gravity survey data. The Plumridge Project also contains around 40 strike kilometres of the Salt Creek Complex, which is a series of discrete magnetic features potentially representing mafic/ultramafic intrusions prospective for magmatic nickel-copper sulphide mineralization. In late 2014, Independence Group NL entered into the Salt Creek JV with AngloGold Ashanti covering ~3,000km2 of tenements immediately to the north and south of Segue's Salt Creek Project.


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Valuation 1208 Industry Range
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