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mmg ltd (1208) Details

MMG Limited, an investment holding company, engages in the exploration, development and mining of zinc, copper, gold, silver, and lead deposits. The company operates Sepon open-pit copper mine located in Southern Laos; Kinsevere open-pit copper mine in the Katanga province of the Democratic Republic of the Congo; and Century open-pit zinc mine located in north-west Queensland. It also operates Rosebery underground polymetallic base metal mine located in Tasmania west coast; Golden Grove underground and open-pit base and precious metals mine located in Western Australia’s mid-west; and the Las Bambas copper development project located in Cotabambas. In addition, the company has exploration and development projects in Australia, Africa, and the Americas. Further, 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. MMG Limited is a subsidiary of China Minmetals Corporation.

5,953 Employees
Last Reported Date: 04/19/16
Founded in 1988

mmg ltd (1208) Top Compensated Officers

Chief Executive Officer, Executive Director a...
Total Annual Compensation: $3.2M
Executive General Manager of China & Strategy...
Total Annual Compensation: $952.0K
Compensation as of Fiscal Year 2015.

mmg ltd (1208) Key Developments

MMG Limited Announces Operating Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Production Guidance for the Year 2016

MMG Limited announced operating results for the second quarter and six months ended June 30, 2016. For the quarter, total production of Copper Cathode was 37,835 tones, decreased 11% compared a year ago. Total production of Copper (contained metal in concentrate) was 90,329 tones, increased 1310% compared a year ago. Total Zinc production was 28,549 tones, decreased 82% compared a year ago. Total Lead production was 7,618 tones, decreased 77% compared a year ago. For the six months, the company reported total production of Copper Cathode was 75,893 tones, decreased 9% compared a year ago. Total production of Copper (contained metal in concentrate) was 125,844 tones, increased 766% compared a year ago. Total Zinc production was 74,594 tones, decreased 74% compared a year ago. Total Lead production was 15,622 tones, decreased 69% compared a year ago. For the year 2016, the company expects to produce 415,000-477,000 tonnes of copper and 120,000-135,000 tonnes of zinc. The company maintains its guidance to produce 250,000-300,000 tonnes of copper in copper concentrate in 2016. The company expects to produce 75,000-80,000 tonnes of copper cathode in 2016. The company expects to produce 80,000-85,000 tonnes of copper cathode. The company expects to produce t 10,000-12,000 tonnes of copper in copper concentrate and 45,000-55,000 tonnes of zinc in zinc concentrate in 2016. The company expects to produce 75,000-80,000 tonnes of zinc in zinc concentrate and 18,000-22,000 tonnes of lead in lead concentrate in 2016.

MMG Limited Updates on Las Bambas Copper Operation in Apurimac, Peru

MMG Limited announced its Las Bambas copper operation in Apurimac, Peru had achieved commercial production on 1 July 2016. The date of commencement of commercial production marks the time from which the site will be treated as an operation rather than a project for accounting purposes. Recent milestones in the development of the Las Bambas project include: Copper production commencing in the fourth quarter 2015 with the first concentrate achieved on 26 November; The first shipment of product departing the Port of Matarani for China on 15 January 2016; The production of 31,470 tonnes of copper in copper concentrate in the first quarter 2016.

MMG Eyes Acquisitions

MMG Limited (SEHK:1208) is looking for acquisition opportunities. Andrew Michelmore, Chief Executive Officer of MMG said MMG was looking at further potential acquisitions as it finishes a $10 billion investment in one of the world’s largest copper mines.

 

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