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$8940.2m
Last closeHK$1.69
High / Low (52 weeks)HK$3.3 / HK$1.4
Stock market listingHK
Forecast net debt (US$m)9833
Forecast gearing ratio (%)414
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(2.3)16.6(47.8)
Relative *(3.6)9.9(29.2)

* % Relative to local index

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Company news

/quotes/zigman/3870025/realtime

Tue, 19 Oct 2010 08:18:08 GMT

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 06:00:28 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)
2014A 2480.0 781.0 164.0 2.0 10.9 1.5
2015A 1951.0 421.0 (314.0) (4.6) N/A 3.1
2016E 2404.0 1194.5 (65.0) (1.7) N/A 1.0
2017E 4000.0 2422.3 815.0 6.5 3.4 0.5

Last updated on 27/04/2016

Investment summary

MMG's Dugald River project is located in north-west Queensland. It has a mineral resource of 57.3Mt at 13.2% zinc, 2% lead and 35g/t silver. The updated development plan incorporates a mining rate of 1.5Mtpa for annual production of 160,000 tonnes of zinc in concentrate, 18,000 tonnes of lead in concentrate and 981,000 oz of contained silver per annum. Construction of remaining infrastructure is to commence in 2016 with first concentrate production expected in the first half of CY2018. Remaining capital expenditure is US$750m plus interest costs. MMG is continuing to review project fundamentals and seek further efficiencies in the project development. MMG predicts the lower AUD and recent competitive bids from construction contactors will favourably impact final costs.

Last updated on 03/05/2016

Industry outlook

Both copper and zinc may have made a price low in mid January 2016; they have now increased to around US$2.25/lb and US$0.85/lb, respectively.

Last updated on 03/05/2016

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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