MMG (1208)

Business description

MMG is a mid-tier global resources company that explores, develops and mines base metal deposits around the world. Its headquarters are in Melbourne, Australia, and it is listed on the Hong Kong Stock Exchange.

Stock data

Market cap.HK$7459m
Last closeHK$1.41
High / Low (52 weeks)HK$3.4 / HK$1.4
Stock market listingHK
Forecast net debt (US$m)9003
Forecast gearing ratio (%)215
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(2.1)(13.5)(35.9)
Relative *5.04.3(16)

* % Relative to local index

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Company news

Segue Resources lands MMG Ltd investment in Fraser Range nickel project

Fri, 18 Sep 2015 00:19:57 GMT

China's MMG Ltd to spend $3 billion to complete Peru mine

Thu, 16 Oct 2014 06:00:00 GMT

China's MMG output plan for Peru copper mine tops forecasts

Thu, 28 Jan 2016 02:47:53 GMT

Mining Explorers 2014: MMG Ltd.

Fri, 31 Oct 2014 14:49:47 GMT

Minmetals Group Buys Glencore Peru Mine for $5.85 Billion

Sun, 13 Apr 2014 18:43:26 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 2470.0 751.0 123.0 2.0 9.1 1.4
2014A 2480.0 781.0 99.0 2.0 9.1 1.3
2015E 2057.0 651.0 45.0 0.9 20.2 2.0
2016E 3353.0 1815.0 151.0 2.0 9.1 0.6

Last updated on 13/12/2015

Investment summary

MMG has provided an update on the commissioning of the Las Bambas copper/silver/molybdeum project in Peru (MMG 62.5%). Commissioning continues to plan with construction work on the primary crusher, overland conveyor, grinding and floatation circuits and filter cake and loadout storage areas now complete. Infrastructure development on the tailings storage and Matarini Port facility were 75% complete as at 2 December 2015. Commissioning ore is now being introduced to the processing circuit. Trial batches of concentrate are now being produced, which will be used to test logistics and handling. First production of concentrate for shipment is anticipated in Q1 2016. Capital cost to completion remains within the US$1.9-2.4bn range. Mine life is currently 20 years at an initial 400,000 tonnes copper per year with significant exploration potential.

Last updated on 05/01/2016

Industry outlook

Copper and zinc prices remain weak, recently falling to around US2.10/lb and less than US$0.70/lb, respectively.

Last updated on 05/01/2016

Key management

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

Company address

Level 23
28 Freshwater Place
Southbank
VIC 3006
Australia
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