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$10367.6m
Last closeHK$1.960
High / Low (52 weeks)HK$2.6 / HK$1.2
Stock market listingHKSE
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual50.812.0(23.4)
Relative *43.113.4(26.9)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 2499.0 738.0 342.0 4.0 6.3 2.0
2013A 2470.0 751.0 201.0 2.0 12.6 2.0
2014E N/A N/A N/A N/A N/A N/A
2015E N/A N/A N/A N/A N/A N/A

Last updated on 27/03/2014

Latest research

Proposed Las Bambas acquisition

Flash note | Mining | 15/04/2014

Strong results, weak sentiment

Update | Mining | 13/03/2014

Forecasts and valuation revised

Update | Mining | 17/01/2014

Century and Dugald River update

Flash note | Mining | 20/12/2013

Gold operations cease at Sepon

Update | Mining | 20/11/2013

Pursuing growth opportunities

Initiation | Mining | 22/10/2013

Investment summary

As part of a JV with CITIC and Guoxin, MMG has entered into an agreement to acquire Las Bambas from GlencoreXstrata for US$5.9bn. Given the scale and quality of the asset, this should be a transformational deal for the company, positioning it in the top 10 largest copper producers.

Last updated on 15/04/2014

Industry outlook

Despite recent weakness, copper and zinc prices remain at elevated levels, supported by the tight supply-demand balance.

Last updated on 31/03/2014

Key management

Wang Lixin, 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
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