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$11796.9m
Last closeHK$2.23
High / Low (52 weeks)HK$3.4 / HK$2.1
Stock market listingHK
Forecast net debt (US$m)9.7
Forecast gearing ratio (%)329
TeamResources - Mining

Price performance

Relative *(19.4)(14.8)(17.1)

* % 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 06:00:28 GMT

/conga/kiosk/commentaryreeves.html 347639

Tue, 19 Oct 2010 08:18:08 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 (c) P/E (x) P/CF (x)
2013A 2.5 0.8 0.1 2.0 14.3 2279.4
2014A 2.5 0.8 0.1 2.0 14.3 1991.8
2015E 2.2 0.7 0.0 (0.6) N/A 2099.4
2016E 3.7 2.2 0.4 4.9 5.8 805.0

Last updated on 24/06/2015

Investment summary

MMG reported Q115 production results, with total copper, zinc and lead output coming in at 49kt, 128kt and 18kt. This is a 1% y-o-y increase for copper and a 4% and 2% reduction for zinc and lead, respectively. Overall metal sales in Cu equivalent increased 5% to 220Mlb compared to Q114. At the same time, Kinsevere delivered record copper production of 20kt, up 19% y-o-y and 6% q-o-q, leading the company to revise its FY15 production guidance for the project to 67-72kt. In other news, MMG plans to process existing Dugald River ore stockpiles totaling c 450kt at 13.3% Zn at Century. This could extend the project's life by 1.0-1.5 months following the completion of ore processing from Century's open pit. Further, a decision on the revised development plan at Dugald River is expected in Q315. The Las Bambas project was 90% complete as of end March.

Last updated on 29/06/2015

Industry outlook

The copper price remains volatile, having recently slid to trade at around US$5,750/t.

Last updated on 29/06/2015

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
VIC 3006
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