MMG Limited: Difference between revisions

MMG Limited
Company type	Public
Traded as	SEHK: 1208
Industry	Mining
Founded	17 June 2009
Headquarters	Melbourne, Australia
Key people	Jiqing Xu (Chairman); Liangang Li (CEO)
Products	Copper, gold, lead, silver, zinc
Revenue	US$ 4.3 billion (2023)
Website	www.mmg.com

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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

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

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

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

Current

Dugald River mine in Cloncurry, Queensland^[14]
Kinsevere mine in the Democratic Republic of Congo^[15]
Khoemacau mine in the Botswana^[16]
Las Bambas copper mine in Peru (62.5%)^[17]
Rosebery mine in Tasmania^[18]

Former

References

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

[Overview-1] 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

[:0-7] "New Tarkine mine lease approval about solving a 'protester issue', conservation group says". ABC News. 5 February 2022. Retrieved 17 December 2023.

[:1-8] "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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@@ Line 1: / Line 1: @@
+{{Short description|Mining company}}
+{{Use dmy dates|date=November 2019}}
 {{Infobox company
 | name = MMG Limited
-| logo = Minerals and Metals Group (MMG) logo.svg
+| logo = MMG Logo RED.jpg
-| logo_size = 125px
+| logo_size = 125
 | type = [[Public]]
+| traded_as = {{HKEX|1208}}
 | foundation = 17 June 2009
-| location = [[Melbourne]], [[Australia]]
+| location = [[Melbourne]], Australia
+| key_people = Jiqing Xu ([[Chairman]])<br>Liangang Li ([[Chief executive officer|CEO]])
-| key_people = Guo Wenqing, [[Chairman]]<br>Geoffrey (Xiaoyu) Gao, [[Chief executive officer|CEO]]<br>Ross Carroll, [[Chief financial officer|CFO]]<br>Mark Davis, [[EGM Operations - Africa, Australia and Asia]] <br>Suresh Vadnagra, [[EGM Operations – Americas]]<br>Greg Travers, EGM Business Support<br>Troy Hey, EGM Stakeholder Relations<br>Xu Jiqing, EGM Marketing and Risk
-| industry = [[Mining (Minerals and Resources)]]
+| industry = [[Mining]]
-| products = [[Zinc]]<br/>[[Copper]]<br/>[[Lead]]<br/>[[Gold]]<br/>[[Silver]]
+| products = [[Copper]], [[gold]], [[lead]], [[silver]], [[zinc]]
+| revenue = [[US dollar|US$]] 4.3 billion
+| revenue_year = 2023
+| NPAT = [[US dollar|US$]] 122.1 million
+| NPAT_year = 2023
 | homepage = [http://www.mmg.com/ www.mmg.com]
 }}
-'''MMG Limited''' ('''MMG'''; {{hkex|1208}}; {{asx|MMG}}), is a mid-tier global resources company that mines, explores and develops base metal projects around the world. MMG's major shareholder is China Minmetals Corporation (CMC), a Chinese state-owned enterprise. CMC owns approximately 75% of MMG's shares.<ref name="MMG's webpage">[http://www.mmg.com/en/About-Us/Company-Overview/Our-major-shareholder.aspx MMG's Webpage | About Us: Our Major Shareholder]</ref>
+'''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==
-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 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 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>
-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.
+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 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>
-In 2016, MMG was ranked as the third best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.<ref>{{Cite web|url=https://www.researchgate.net/publication/313474088_Ranking_Oil_Gas_and_Mining_Companies_on_Indigenous_Rights_in_the_Arctic|title=Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic|last=Overland|first=Indra|date=2016|website=ResearchGate|publisher=Arran|archive-date=|dead-url=|access-date=2 August 2018}}</ref>
+=== Proposed tailings dam in Tasmania ===
-==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 operate and develop copper, zinc and other base metals projects across Australia, the Democratic Republic of the Congo, Laos and Peru. It also have significant exploration projects and partnerships across Australia, Africa and the Americas.
+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>
-MMG owns and operates the [[Las Bambas copper mine]] in [[Peru]], the [[Kinsevere]] mine in the [[Democratic Republic of Congo]], the [[Century Mine]] at Dugald River, and [[Rosebery, Tasmania|Rosebery]] mines in [[Tasmania]], [[Australia]].
+==Operations==
-During 2014, MMG completed the purchase of the [[Las Bambas copper mine|Las Bambas copper mine project]], a [[copper]]-[[gold]]-[[molybdenum]] deposit located in the [[Apurímac Region]] of [[Peru]]. Las Bambas is a joint venture project between the operator MMG (62.5%), a wholly owned subsidiary of Guoxin International Investment Co. Ltd (22.5%) and CITIC Metal Co. Ltd (15.0%). A conflict in 2015 involving the Peruvian Government, the mine's owners and the local population left a death toll of 4<ref name="Peruvian protests against Las Bambas mining project">[https://en.wikipedia.org/wiki/2015_Peruvian_protests_against_Las_Bambas_mining_project Peruvian protests against Las Bambas mining project]</ref>.
+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===
-MMG also owns the Izok Corridor base metals project in [[Nunavut]], north-west [[Canada]].
+*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===
+*[[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>
+*[[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>
 ==References==
@@ Line 37: / Line 55: @@
 {{Mining companies of Australia}}
+{{authority control}}
-[[Category:Companies established in 2009]]
-[[Category:Zinc mining companies]]
+[[Category:Companies based in Melbourne]]
+[[Category:Companies formerly listed on the Australian Securities Exchange]]
+[[Category:Companies listed on the Hong Kong Stock Exchange]]
+[[Category:Dual-listed companies]]
 [[Category:Copper mining companies of Australia]]
-[[Category:Lead mining companies]]
 [[Category:Gold mining companies of Australia]]
-[[Category:Silver mining companies]]
 [[Category:Government-owned companies of China]]
-[[Category:Companies based in Melbourne]]
+[[Category:Lead mining companies]]
 [[Category:Metal companies of China]]
+[[Category:Silver mining companies]]
+[[Category:Zinc mining companies]]