MMG (1208)

Business description

MMG is a mid-tier global resources company that explores, develops and mines base metal deposits. It is headquartered in Melbourne, Australia, and listed on the Hong Kong Stock Exchange.

Share price chart

Share chart

Stock data

Market cap.HK$12642.2m
Last closeHK$2.39
High / Low (52 weeks)HK$3.2 / HK$1.2
Stock market listingHK
Forecast net debt (US$m)1385
Forecast gearing ratio (%)73
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(9.1)(17.6)31.3
Relative *(6.4)(12.8)33.1

* % Relative to local index

Other companies in sector Show

Afferro Mining Afri-Can Marine Minerals
African Barrick Gold African Eagle Resources
African Minerals Alderon Iron Ore
Alkane Resources All Star Minerals
Allied Gold Mining Almonty Industries
Altius Minerals Altona Energy
Amara Mining Amerigo Resources
Amur Minerals Corporation Angel Mining
Anglesey Mining Anglo Pacific Group
Antofagasta Aquarius Platinum
Arian Silver Ariana Resources
Aspire Mining Atlantic Gold NL
Aurcana Corporation Aureus Mining
Aurizon Mines Avalon Rare Metals
Avnel Gold Mining Baobab Resources
Bellzone Mining Bezant Resources
Blackthorn Resources Bushveld Minerals
Cabral Resources Caledon Resources
Caledonia Mining Cameco
Canada Lithium Corporation Carpathian Gold
Celamin Holdings Central Asia Metals
Centrex Metals Champion Iron
Chatham Rock Phosphate Chieftain Metals
Coal of Africa Condor Gold
Continental Coal Dalradian Resources
Denison Mines Discovery Metals
Doray Minerals DRDGOLD
Duluth Metals Eastern Platinum
ECR Minerals Edgewater Exploration
EMED Mining Energy Fuels
Equatorial Resources Euromax Resources
European Goldfields Forsys Metals Corp
Fronteer Gold Frontier Mining
Frontline Gold Galaxy Resources
Gascoyne Resources Gemfields
GMA Resources Gold One
Gold Road Resources Goldcrest Resources
Golden Minerals Company Goldplat
Gunson Resources Hambledon Mining
Highland Gold Highlands Pacific
Hummingbird Resources Ichor Coal
International Mining & Infrastructure Corp Iron Road
Ironwood Gold Jameson Resources
Kefi Minerals Kenmare Resources
Kingsgate Kinross Gold Corporation
Kopy Goldfields Lemur Resources
London Mining MacPhersons Resources
Majestic Gold Mandalay Resources Corp
Mariana Resources Matamec Explorations
MDM Engineering Group Medusa Mining
Metallica Minerals Minera IRL
Minotaur Exploration Mkango Resources
Mwana Africa Natural Resource Partners
Ncondezi Energy Nevsun Resources
New Talisman Gold Mines Nkwe Platinum
Nordgold North American Palladium
Northern Dynasty Minerals Norton Gold Fields
NovaCopper OceanaGold
Oracle Coalfields Orbis Gold
Ormonde Mining Orosur Mining
Orpheus Energy Pan African Resources
Pan American Goldfields Papillon Resources
Petropavlovsk Pilot Gold
Platmin PolyMet Mining
Polymetals Mining Randgold Resources
Rare Element Resources Red Rock Resources
Regency Mines Richmont Mines
Rio Tinto Robust Resources
Rutila Resources Sable Mining
Shore Gold Silver Wheaton
Sirius Minerals South American Silver Corp
Spanish Mountain Gold Sumatra Copper & Gold
Syndicated Metals Teck Resources
Titanium Resources Group Torex Gold
True North Gems U3O8 Holdings
Universal Coal Vatukoula Gold Mines
Veris Gold Corp Victoria Gold
W Resources Western Areas
Wits Gold Wolf Minerals
Woulfe Mining Zanaga Iron Ore Company
Zazu Metals Corporation
Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 2499.0 738.0 234.0 4.0 7.7 2.4
2013A 2470.0 751.0 123.0 2.0 15.4 2.5
2014E 2413.0 748.0 138.0 2.2 14.0 2.2
2015E 2166.0 720.0 139.0 2.2 14.0 2.2

Last updated on 27/11/2014

Latest research

Investment summary

MMG’s Q314 operational update saw the company’s overall copper and zinc production for the period falling 6% y-o-y to 49kt and 9% to 123kt respectively. Compared to Q214, copper output was up 12%, driven by the continuing strong performance at Kinsevere, while zinc production fell 10% due to the stockpile management at Century. At the project level, Kinsevere delivered strong results, achieving record quarterly copper cathode production and sales. Overall, the company now expects to produce 175-187kt of copper and 565-590kt of zinc in FY14. This is only a small reduction against the previous guidance for copper (177-190kt before), but a more substantial downgrade for zinc (580-605kt before). Still, the revised production forecast implies a significant improvement in zinc and lead output in Q414. On the cost side, no changes to the previous FY14 guidance were made.

Last updated on 01/12/2014

Industry outlook

Despite the short-term volatility, copper and zinc prices remain strong, supported by tight supply-demand fundamentals.

Last updated on 01/12/2014

Key management

Jiao Jian, Chairman
Andrew Michelmore, CEO
David Lamont, CFO
Colette Campbell , Head of IR
Maggie Qin, Head of Corporate Affairs
Marcelo Bastos, COO

Company address

Level 23
28 Freshwater Place
Southbank
VIC 3006
Australia
View website