MMG Limited

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

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

Former

References

  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