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.

Share price chart

Share chart

Stock data

Market cap.HK$8782m
Last closeHK$1.66
High / Low (52 weeks)HK$3.4 / HK$1.6
Stock market listingHK
Forecast net debt (US$m)9.7
Forecast gearing ratio (%)329
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(16.6)(48.9)(40.7)
Relative *(7)(34.3)(32.4)

* % Relative to local index

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Company news

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

Thu, 16 Oct 2014 06:00:00 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

MMG see sharp 2015 output drop at ageing Century zinc mine

Thu, 15 Jan 2015 03:21:00 GMT

Glencore reaps $7 billion from Las Bambas mine sale to China's MMG

Fri, 01 Aug 2014 01:50:48 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 2.5 0.8 0.1 2.0 10.7 1703.5
2014A 2.5 0.8 0.1 2.0 10.7 1488.6
2015E 2.2 0.7 0.0 (0.6) N/A 1569.0
2016E 3.7 2.2 0.4 4.9 4.4 601.6

Last updated on 27/07/2015

Investment summary

MMG reported Q215 copper production of 49kt, 1% below Q115 but 12% above Q214. Zinc and lead output jumped 23% and 79% q-o-q, and 16% and 22% y-o-y to 158kt and 33kt respectively. Total Cu equivalent sales were 21% q-o-q and 25% y-o-y higher. On the copper side, both Kinsevere and Sepon demonstrated strong performance, with an increase in milling volumes more than offsetting lower recoveries and head grade at Sepon as the project continues its transition to the harder ores. In turn, an impressive double-digit increase in overall zinc production was due to the focus on zinc mining at Golden Grove coupled with operational improvements at Rosebury. Impressive cost performance was one of the main highlights of the release, with the reported C1 production costs coming in significantly below FY guidance in H115. Las Bambas was reported to be 95% complete, with 96% of families successfully relocated.

Last updated on 03/08/2015

Industry outlook

The copper price remains volatile, having recently slid to trade at around US$5,300/t.

Last updated on 03/08/2015

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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