Minerals and Metals Group

Minerals and Metals Group
Minerals and Metals Group
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
Brett Fletcher, COO
Mike Nossal, Executive General Manager Business Development
Steve Ryan, Executive General Manager Exploration
Tim Scully, Executive General Manager Business Support

num_employees =
Products Zinc
Copper
Lead
Gold
Silver
Revenue US$852.8 million (2009)
Net income US$180.7 million (2009)
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]

History

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.[2] The portfolio of assets was sold for US$1.354 billion.[3] 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.[4]

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.

References

  1. ^ a b MMG Financial Report 2009 Minerals and Metals Group
  2. ^ Completion of Transaction with Minmetals OZ Minerals ASX announcement, published: 17 June 2009, accessed: 11 January 2010
  3. ^ Minmetals Succeeds in OZ Minerals Deal Minmetals Australia Pty Ltd website, published: 6 November 2008, accessed: 11 January 2010
  4. ^ Australia Blocks China’s Purchase of Mining Company The New York Times, published: 27 March 2009, accessed: 11 January 2010

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