MMG Limited: Difference between revisions
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'''Minerals and Metals Group''' ('''MMG''') is an Australian-based mining company and wholly owned subsidiary of [[China Minmetals]]. It was formed in 2009 with the purchase of most of [[OZ Minerals]]' assets by China Minmetals; these collective assets became MMG. The direct [[holding company]] for MMG is known as Album Resources Private Limited, incorporated in [[Singapore]]; the ultimate holding company is China Minmetals Non-Ferrous Metals Company Ltd.<ref name=2009report/> |
'''Minerals and Metals Group''' ('''MMG''') is an Australian-based mining company and wholly owned subsidiary of [[China Minmetals]]. It was formed in 2009 with the purchase of most of [[OZ Minerals]]' assets by China Minmetals; these collective assets became MMG. The direct [[holding company]] for MMG is known as Album Resources Private Limited, incorporated in [[Singapore]]; the ultimate holding company is China Minmetals Non-Ferrous Metals Company Ltd.<ref name=2009report/> |
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Kathia is my friend |
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==History== |
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MMG was formed after its parent company, China Minmetals, bought almost all mining assets of deeply indebted Australian mining company [[OZ Minerals]], on 16 June 2009.<ref>[http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00961201 Completion of Transaction with Minmetals] OZ Minerals ASX announcement, published: 17 June 2009, accessed: 11 January 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 [[Government of Australia|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 [[Woomera Prohibited Area|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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==Operations== |
==Operations== |
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Revision as of 19:38, 15 October 2012
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| Company type | Wholly owned subsidiary |
|---|---|
| Industry | Mining |
| Founded | 8 April 2009[1] |
| Headquarters | Melbourne, Australia |
Key people | Zhou Zhongshu, Chairman Andrew Michelmore, CEO David Lamont, CFO Marcelo Bastos, COO Mike Nossal, Executive General Manager Business Development Steve Ryan, Executive General Manager Exploration Tim Scully, Executive General Manager Business Support |
| Products | Zinc Copper Lead Gold Silver |
| Revenue | US$852.8 million (2009) |
| US$180.7 million (2009) | |
| Parent | China Minmetals |
| Website | www.mmg.com |
Minerals and Metals Group (MMG) is an Australian-based mining company and wholly owned subsidiary of China Minmetals. It was formed in 2009 with the purchase of most of OZ Minerals' assets by China Minmetals; these collective assets became MMG. The direct holding company for MMG is known as Album Resources Private Limited, incorporated in Singapore; the ultimate holding company is China Minmetals Non-Ferrous Metals Company Ltd.[1]
Kathia is my friend
Operations
MMG owns and operates the Century, Golden Grove, and Rosebery mines in Australia, and the Sepon mine in Laos. It also acquired the Avebury nickel mine in Australia, which is not producing. It acquired three projects under development: Dugald River in Australia, and High Lake and Izok Lake in Canada. MMG also conducts mineral exploration in Australia, Asia, and Canada. It is one of the world's largest producers of zinc.