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$14229m
Last closeHK$2.690
High / Low (52 weeks)HK$3.2 / HK$1.2
Stock market listingHK
Forecast net debt (US$m)1386
Forecast gearing ratio (%)74
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(0.7)29.342.3
Relative *(7.5)17.424.3

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 2499.4 737.9 234.0 3.95 8.8 2.7
2013A 2470.0 750.5 123.0 1.95 17.8 2.8
2014E 2422.6 687.4 113.0 1.80 19.3 2.7
2015E 2310.3 669.2 122.0 1.95 17.8 2.7

Last updated on 31/07/2014

Latest research

Investment summary

MMG reported Q214 total copper, zinc and lead production of 43.4kt, 136.3kt and 26.8kt of contained metal. This is a 12% q-o-q reduction for copper and a 2% and 44% increase for zinc and lead respectively. In H114, MMG’s overall copper and lead production was up 4% and 3% y-o-y, while zinc output was down 4%. At the project level, Kinsevere maintained record production levels, with H114 copper output rising 13% y-o-y. MMG has also revised its FY14 production guidance from 173-186kt to 177-190kt for copper and from 600-625kt to 580-600kt for zinc. Based on the mid-point, this is a 2% improvement for copper and a 4% reduction for zinc. On the cost side, C1 cost guidance for Kinsevere and Sepon remains unchanged, while cost estimates for Century and Golden Grove were reduced by 3% for the former and 7% (copper)/21% (zinc) for the latter. Rosebery is the only operation that saw a moderate upward cost revision.

Last updated on 05/08/2014

Industry outlook

Copper and zinc prices remain strong supported by the tight supply-demand fundamentals.

Last updated on 05/08/2014

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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