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{{Short description|Mining company}}
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{{Infobox company |
{{Use dmy dates|date=November 2019}}
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name = MMG Limited|
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{{Infobox company
logo = [[File:Minerals and Metals Group (MMG) logo.svg|125px]]|
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| name = MMG Limited
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type = [[Public]]|
| logo = MMG Logo RED.jpg
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foundation = 17 June 2009
| logo_size = 125
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|location = [[Melbourne]], [[Australia]]|
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| type = [[Public]]
key_people = Lixin Wang, [[Chairman]]<br>Andrew Michelmore, [[Chief executive officer|CEO]]<br>David Lamont, [[Chief financial officer|CFO]]<br>Marcelo Bastos, [[Chief operating officer|COO]]<br>Mike Nossal, [[General manager|EGM]] Business Development<br>Steve Ryan, [[General manager|EGM]] Exploration<br>Tim Scully, [[General manager|EGM]] Business Support<br>Xu Jiqing, [[General manager|EGM]] Strategic Planning|
| traded_as = {{HKEX|1208}}
num_employees = |
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| foundation = 17 June 2009
revenue = US$2,499.4 million (2012)|
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| location = [[Melbourne]], Australia
operating_income= |
| key_people = Jiqing Xu ([[Chairman]])<br>Liangang Li ([[Chief executive officer|CEO]])
net_income = US$217.5 million (2012)|
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| industry = [[Mining]]
assets = |
| products = [[Copper]], [[gold]], [[lead]], [[silver]], [[zinc]]
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industry = [[Mining]]|
| revenue = [[US dollar|US$]] 4.3 billion
products = [[Zinc]]<br/>[[Copper]]<br/>[[Lead]]<br/>[[Gold]]<br/>[[Silver]]|
| revenue_year = 2023
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homepage = [http://www.mmg.com/ www.mmg.com]
| NPAT = [[US dollar|US$]] 122.1 million
| NPAT_year = 2023
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| homepage = [http://www.mmg.com/ www.mmg.com]
}}
}}


'''MMG Limited''' ('''MMG'''; {{hkex|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 [[Hong Kong Stock Exchange]].
'''MMG Limited''' is a mid-tier global resources company that mines, explores and develops base metal projects around the world. MMG's largest shareholder is [[China Minmetals]] with 68%.<ref name=Overview>[https://www.mmg.com/who-we-are/company-overview/ Our Major Shareholder] MMG</ref>


==History==
==History==
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.
MMG was formed in June 2009, following the purchase of the majority of assets of [[Oz Minerals]] by [[China Minmetals]].<ref>[https://web.archive.org/web/20210227085858/https://www.ozminerals.com/about/our-history/ Our History] [[Oz Minerals]]</ref><ref>[https://www.abc.net.au/news/2009-06-18/minmetals-launches-new-company-amid-flat-demand/1324742 Minmetals launches new company amid flat demand] ''[[ABC News (Australia)|ABC News]]'' 18 June 2009</ref>


In December 2010, MMG was acquired by Minmetals Resources, a subsidiary of China Minmetals and listed on the [[Hong Kong Stock Exchange]].<ref name=Overview/><ref>[https://www.mmg.com/media-release/minmetals-resources-limited-successfully-acquires-mmg-d75/ Minmetals Resources Limited successfully acquires MMG] MMG 31 December 2010</ref>
The portfolio of assets was sold for US$1.354 billion.<ref>[http://australia.minmetals.com.cn/news_1.jsp?article_millseconds=1248748749312 Minmetals Succeeds in OZ Minerals Deal] Minmetals Australia Pty Ltd website, published: 6 November 2008, accessed: 11 January 2010</ref> 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.<ref>[http://www.nytimes.com/2009/03/28/business/worldbusiness/28mine.html?_r=1&ref=worldbusiness Australia Blocks China’s Purchase of Mining Company] ''[[The New York Times]]'', published: 27 March 2009, accessed: 11 January 2010</ref>


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In September 2012, Minmetals Resources Limited changed its registered company name to MMG Limited to align the assets already operating as MMG with the registered company name.<ref name=Overview/>
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).<ref name="2012report">[http://www.mmgroupltd.com/common/files/MMG_2009_Full_Financial_Report_100322.pdf MMG Financial Report 2009 Minerals and Metals Group]</ref>


In December 2015, MMG became a [[dual-listed company]] when a [[secondary listing]] was made on the [[Australian Securities Exchange]].<ref>[https://web.archive.org/web/20210908113105/https://www.mmg.com/media-release/mmg-commences-trading-on-the-asx-d26/ MMG commences trading on the ASX] MMG 14 December 2015</ref> It was delisted from the Australian Securities Exchange in December 2019.<ref>[https://www.asx.com.au/asxpdf/20191101/pdf/44b63tkzx6xzvw.pdf Voluntary Delisting from ASX] [[Australian Securities Exchange]] 1 November 2019</ref>
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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.


=== Proposed tailings dam in Tasmania ===
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==Operations==
In February 2022, Resources Minister [[Guy Barnett (Australian politician)|Guy Barrett]] granted a new lease to the MMG along an access road where it wants to develop a heavy metals [[tailings dam]] in the [[Tarkine|Tarkine rainforest]].<ref name=":0">{{Cite news |date=2022-02-05 |title=New Tarkine mine lease approval about solving a 'protester issue', conservation group says |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2022-02-05/tasmanian-government-reapproves-mmg-rosebery-mine-lease/100807554 |access-date=2023-12-17}}</ref> The MMG's Rosebery dam requires a third tailing dam in order to continue operating past 2024.<ref name=":1">{{Cite news |date=2022-05-02 |title=Masked owl habitat concerns fail to stop tailings dam work in Tarkine rainforest |language=en-AU |work=ABC News |url=https://www.abc.net.au/newsi/2022-05-02/tailing-dam-works-to-continue-in-tarkine/101029822 |access-date=2023-12-17}}</ref> The decision was opposed by the Bob Brown Foundation (BBF) led by former Greens leader [[Bob Brown]] and protestors.<ref name=":0" /> The BBF subsequently challenged the decision in the [[Supreme Court of Tasmania|Tasmanian Supreme Court]] in April 2023, but was rejected by chief justice [[Alan Blow]].<ref>{{Cite news |date=2023-04-12 |title=Court throws out Bob Brown Foundation challenge to MMG mine lease |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2023-04-12/tas-court-ruling-in-tarkine-masked-owl-mmg-mine-case/102212908 |access-date=2023-12-17}}</ref><ref>{{Cite web |date=2023-04-12 |title=Tasmanian Supreme Court decision blasted as MMG mine lease allows public lock out. |url=https://bobbrown.org.au/tasmanian-supreme-court-decision-blasted-as-mmg-mine-lease-allows-public-lock-out/ |access-date=2023-12-17 |website=Bob Brown Foundation |language=en-AU}}</ref>
MMG owns and operates the Lane Xang Minerals Limited (LXML) Sepon mine in [[Laos]], the [[Kinsevere]] mine in the [[Democratic Republic of Congo]], and the [[Century Mine|Century]], [[Golden Grove Mine|Golden Grove]], and Rosebery mines in Australia. It also owns the Avebury nickel mine in Australia, which is 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 is one of the world's largest producers of zinc and also produces significant amounts of copper, lead, gold and silver.


Another bid by the BBF in the [[Federal Court of Australia|Federal Court]] to halt work on a tailings dam in the Tarkine, saying that it would cause irreversible damage to the Tasmanian masked owl's habitat, was lost.<ref name=":1" /> However, another case in the Federal Court resulted in the BBF's favour. Mark Moshinsky found that the initial approval by the Morrison government for preliminary work in the dam was invalid and that then environment minister Sussan Ley's decision was not authorized under the [[Environment Protection and Biodiversity Conservation Act 1999|Environment Protection and Biodiversity Conservation Act]].<ref>{{Cite news |date=2022-07-25 |title=Morrison government 'failure' to consider owl scuttles Chinese-owned mine plans |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2022-07-25/bob-brown-foundation-court-win-mmg-mine-tailings-dam-approval/101265998 |access-date=2023-12-17}}</ref><ref>{{Cite web |title=Bob Brown Foundation wins legal case against MMG |url=https://www.businessnewsaustralia.com/articles/conservationists-rejoice-after-bob-brown-foundation-wins-legal-case-against-mmg.html |access-date=2023-12-17 |website=Business News Australia |language=en}}</ref>
During 2014, MMG completed the purchase of the [[Las Bambas copper mine|Las Bambas copper mine project]], a copper-gold-molybdenum deposit slated for first production in early 2016. Las Bambas is located in the [[Apurimac Region]] of [[Peru]].<ref>[http://www.mmg.com/en/Our-Operations/Development-projects/Las-Bambas.aspx] MMG Limited | Las Bambas, published: September 2014, accessed: 19 January 2015</ref>


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==Operations==
== Zinc production ==
MMG operate and develop copper, zinc and other base metals projects across Australia, Botswana, the Democratic Republic of the Congo and Peru.<ref>[http://www.mmg.com/en/Our-Operations/Mining-operations.aspx Mining operations] MMG</ref>


===Current===
*Dugald River mine in [[Cloncurry]], [[Queensland]]<ref>[http://www.mmg.com/en/Our-Operations/Mining-operations/Dugald-River.aspx Dugald River] MMG</ref>
*[[Kinsevere]] mine in the [[Democratic Republic of Congo]]<ref>[https://www.mmg.com/our-business/kinsevere/ Kinsevere] MMG</ref>
*[[Khoemacau]] mine in the [[Botswana]]<ref>[https://www.mmg.com/our-business/khoemacau] MMG</ref>
*[[Las Bambas copper mine]] in [[Peru]] (62.5%)<ref>[https://www.mmg.com/our-business/las-bambas/ Las Bambas] MMG</ref>
*[[Rosebery, Tasmania|Rosebery]] mine in [[Tasmania]]<ref>[https://www.mmg.com/our-business/rosebery/#Rosebery_Blurb Rosebery] MMG</ref>


===Former===
According to an article in the [[Financial Post]],<ref name=FP2012 /> MMG’s Century Mine will be coming offline in the next few years along with a number of other major zinc mines. Sally Cox, a spokeswoman for proponent MMG Minerals, a subsidiary of the Chinese state-owned Minmetals Resources Ltd., explained that MMG is planning on replacing the zinc production of 500,000 tonnes with their massive Izok Corridor project and their mine in Australia. The planned corridor would include five separate mines at Izok Lake, three mines at High Lake, a processing plant, a port "that could accommodate ships of up to 50,000 tonnes that would make 16 round trips a year — both east and west — through the Northwest Passage" and a "350-kilometre all-weather road with 70 bridges that would stretch from Izok Lake to [[Grays Bay]] on the central Arctic coast."<ref name=FP2012>{{citation|title=Tories mull a Chinese plan for Izok Corridor that could bring billions of dollars to Nunavut|url=http://business.financialpost.com/2012/12/28/tories-mull-a-chinese-plan-for-izok-corridor-that-could-bring-billions-of-dollars-to-nunavut/|newspaper=Financial Post.com|date=28 December 2012|accessdate=27 December 2013|last=Weber|first=Bob}}</ref>
*[[Century Mine]]<ref>[https://www.mmg.com/media-release/170228-new-life-for-century-d98/ New life for Century] MMG</ref>

*[[Golden Grove Mine]]<ref>[https://web.archive.org/web/20201020142607/https://www.australianmining.com.au/news/emr-capital-completes-us210m-golden-grove-acquisition/ EMR Capital completes $US210m Golden Grove acquisition] ''Australian Mining'' 1 March 2017</ref>
==Corporate social responsibility==
*[[Sepon mine]]<ref>[https://www.mmg.com/media-release/181130-mmg-completes-sale-of-sepon-mine/ MMG completes sale of Sepon mine] MMG 30 November 2018</ref>
In 2012, MMG invested approximately $US18.5 million in host communities in a range of targeted social investment projects. These included education and training, community development, compensation, local business development, sponsorships, donations and capacity-building.
In 2011, MMG and [[UNICEF]] partnered to deliver the The 1000 Day project, which raises funds and awareness and provides on-the-ground programs to target zinc and other [[Micronutrient deficiency|micronutrient deficiencies]] in children worldwide.<ref>[http://www.unicef.org.au/Business/Existing-Partners/UNICEF-and-MMG/The-1000-Day-Project.aspx] ''[[The 1000 Day Project]]'', published: 16 November 2012, accessed: 19 July 2013</ref>

MMG has proactive programs in place to provide employment and business opportunities to local stakeholders, including [[Indigenous Australians]].<ref name="2012report"/>


==References==
==References==
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{{Mining companies of Australia}}
{{Mining companies of Australia}}


{{authority control}}
[[Category:Companies established in 2009]]

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[[Category:Zinc mining companies]]
[[Category:Copper mining companies]]
[[Category:Companies based in Melbourne]]
[[Category:Companies formerly listed on the Australian Securities Exchange]]
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[[Category:Companies listed on the Hong Kong Stock Exchange]]
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[[Category:Dual-listed companies]]
[[Category:Copper mining companies of Australia]]
[[Category:Gold mining companies of Australia]]
[[Category:Government-owned companies of China]]
[[Category:Lead mining companies]]
[[Category:Lead mining companies]]
[[Category:Gold mining companies of Australia]]
[[Category:Metal companies of China]]
[[Category:Silver mining companies]]
[[Category:Silver mining companies]]
[[Category:Government-owned companies of China]]
[[Category:Zinc mining companies]]
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[[Category:Companies based in Melbourne]]

Latest revision as of 14:02, 11 April 2024

MMG Limited
Company typePublic
SEHK: 1208
IndustryMining
Founded17 June 2009
HeadquartersMelbourne, Australia
Key people
Jiqing Xu (Chairman)
Liangang Li (CEO)
ProductsCopper, gold, lead, silver, zinc
RevenueUS$ 4.3 billion (2023)
Websitewww.mmg.com

MMG Limited is a mid-tier global resources company that mines, explores and develops base metal projects around the world. MMG's largest shareholder is China Minmetals with 68%.[1]

History

[edit]

MMG was formed in June 2009, following the purchase of the majority of assets of Oz Minerals by China Minmetals.[2][3]

In December 2010, MMG was acquired by Minmetals Resources, a subsidiary of China Minmetals and listed on the Hong Kong Stock Exchange.[1][4]

In September 2012, Minmetals Resources Limited changed its registered company name to MMG Limited to align the assets already operating as MMG with the registered company name.[1]

In December 2015, MMG became a dual-listed company when a secondary listing was made on the Australian Securities Exchange.[5] It was delisted from the Australian Securities Exchange in December 2019.[6]

Proposed tailings dam in Tasmania

[edit]

In February 2022, Resources Minister Guy Barrett granted a new lease to the MMG along an access road where it wants to develop a heavy metals tailings dam in the Tarkine rainforest.[7] The MMG's Rosebery dam requires a third tailing dam in order to continue operating past 2024.[8] The decision was opposed by the Bob Brown Foundation (BBF) led by former Greens leader Bob Brown and protestors.[7] The BBF subsequently challenged the decision in the Tasmanian Supreme Court in April 2023, but was rejected by chief justice Alan Blow.[9][10]

Another bid by the BBF in the Federal Court to halt work on a tailings dam in the Tarkine, saying that it would cause irreversible damage to the Tasmanian masked owl's habitat, was lost.[8] However, another case in the Federal Court resulted in the BBF's favour. Mark Moshinsky found that the initial approval by the Morrison government for preliminary work in the dam was invalid and that then environment minister Sussan Ley's decision was not authorized under the Environment Protection and Biodiversity Conservation Act.[11][12]

Operations

[edit]

MMG operate and develop copper, zinc and other base metals projects across Australia, Botswana, the Democratic Republic of the Congo and Peru.[13]

Current

[edit]

Former

[edit]

References

[edit]
  1. ^ a b c Our Major Shareholder MMG
  2. ^ Our History Oz Minerals
  3. ^ Minmetals launches new company amid flat demand ABC News 18 June 2009
  4. ^ Minmetals Resources Limited successfully acquires MMG MMG 31 December 2010
  5. ^ MMG commences trading on the ASX MMG 14 December 2015
  6. ^ Voluntary Delisting from ASX Australian Securities Exchange 1 November 2019
  7. ^ a b "New Tarkine mine lease approval about solving a 'protester issue', conservation group says". ABC News. 5 February 2022. Retrieved 17 December 2023.
  8. ^ a b "Masked owl habitat concerns fail to stop tailings dam work in Tarkine rainforest". ABC News. 2 May 2022. Retrieved 17 December 2023.
  9. ^ "Court throws out Bob Brown Foundation challenge to MMG mine lease". ABC News. 12 April 2023. Retrieved 17 December 2023.
  10. ^ "Tasmanian Supreme Court decision blasted as MMG mine lease allows public lock out". Bob Brown Foundation. 12 April 2023. Retrieved 17 December 2023.
  11. ^ "Morrison government 'failure' to consider owl scuttles Chinese-owned mine plans". ABC News. 25 July 2022. Retrieved 17 December 2023.
  12. ^ "Bob Brown Foundation wins legal case against MMG". Business News Australia. Retrieved 17 December 2023.
  13. ^ Mining operations MMG
  14. ^ Dugald River MMG
  15. ^ Kinsevere MMG
  16. ^ [1] MMG
  17. ^ Las Bambas MMG
  18. ^ Rosebery MMG
  19. ^ New life for Century MMG
  20. ^ EMR Capital completes $US210m Golden Grove acquisition Australian Mining 1 March 2017
  21. ^ MMG completes sale of Sepon mine MMG 30 November 2018
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