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$16662.3m
Last closeHK$3.15
High / Low (52 weeks)HK$3.2 / HK$1.8
Stock market listingHK
Forecast net debt (US$m)9983
Forecast gearing ratio (%)337
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual45.834.061.5
Relative *27.317.731.4

* % Relative to local index

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Company news

/conga/kiosk/commentarylynn.html 341364

Tue, 19 Oct 2010 08:18:08 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

MMG Ltd. looking for growth in Canada with Izok Corridor, acquisitions

Mon, 04 Mar 2013 21:19:38 GMT

China's MMG open to working with partners on acquisitions

Thu, 29 Aug 2013 04:47:13 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 2470.0 751.0 123.0 2.0 20.3 3.2
2014A 2479.8 781.0 99.0 2.0 20.3 2.8
2015E 2056.5 641.0 (29.0) (0.5) N/A 3.1
2016E 3697.5 2196.0 368.0 4.9 8.3 1.1

Last updated on 24/03/2015

Investment summary

MMG reported a positive set of FY14 financials that saw EBITDA rising 4.0% y-o-y to US$781m, as higher production across all key metals and strict cost control offset mixed commodity price performance. Revenue of US$2,480m, a 0.4% increase on 2013, was supported by strong metal sales, with the overall Cu equivalent sales rising 11.1% y-o-y to 905Mlb. The cash cost of sales has fallen 3.4% in absolute terms and an impressive 13.1% in unit terms per pound of equivalent copper sold. This was predominantly a result of cost cutting initiatives, as well as the weaker Australian dollar. Following the acquisition of Las Bambas, MMG's overall debt has gone up to US$8.2bn on a 100% basis. Taking into account the ownership structure of the Las Bambas JV, in which MMG controls 62.5%, we estimate attributable debt at US$6.4bn and net debt at US$6.2bn.

Last updated on 31/03/2015

Industry outlook

We expect the copper price to gradually recover following the end of the Chinese New Year holiday, as seasonal market activity improves.

Last updated on 31/03/2015

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
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