Minerals and Metals Group
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| Public | |
| Industry | Mining |
| Founded | 17 June 2009 |
| Headquarters | Melbourne, Australia |
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Key people
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Lixin Wang, Chairman Andrew Michelmore, CEO David Lamont, CFO Marcelo Bastos, COO Mike Nossal, EGM Business Development Steve Ryan, EGM Exploration Tim Scully, EGM Business Support Xu Jiqing, EGM Strategic Planning |
| Products |
Zinc Copper Lead Gold Silver |
| Revenue | US$2,499.4 million (2012) |
| US$217.5 million (2012) | |
| Website | www.mmg.com |
MMG Limited (MMG; : 1208; ASX: MMG), formerly known as Minerals and Metals Group, is an Australian-Chinese mid-tier global resources company that explores, develops and mines base metal deposits around the world. It is headquartered in Melbourne, Australia and listed on the .
Minerals and Metals Group was formed in June 2009, following the purchase of the majority of assets of OZ Minerals (ASX:OZL) by China Minmetals Corporation (CMC) through its subsidiary China Minmetals Nonferrous Metals Co. Ltd (CMN). Minerals and Metals Group became commonly referred to as MMG.
The portfolio of assets was sold for US$1.354 billion. The deal initially also included the Prominent Hill Mine; however, the sale was blocked by the Australian Government, citing national security concerns. Wayne Swan, Treasurer of Australia, stated that Prominent Hill could not be included in the sale as it was within a sensitive military area. The sale went ahead only after Prominent Hill was excluded from the deal; OZ Minerals retained Prominent Hill as its only major asset.
In December 2010 MMG was acquired by Minmetals Resources Limited, a subsidiary of China Minmetals Corporation and listed on the Stock Exchange of Hong Kong Limited (Stock Code: 1208).
In September 2012 Minmetals Resources Limited changed its registered English company name to MMG Limited to align the assets already operating as ‘MMG’ with the registered company name.
MMG owns and operates the Las Bambas mine in Peru, Lane Xang Minerals Limited (LXML) Sepon mine in Laos, the Kinsevere mine in the Democratic Republic of Congo, Golden Grove and Rosebery mines in Australia. It also owns the Avebury nickel mine and the Century mine in Australia, which are under care and maintenance. Its development projects include Dugald River, a high-grade zinc-lead-silver deposit in north-west Queensland, Australia, and the Izok Corridor base metals project in Nunavut, north-west Canada. MMG also has significant exploration projects and partnerships in Australia, Africa, and the Americas. It produces significant amounts of copper, lead, zinc, gold and silver.
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Wikipedia