MMG Limited
{{Short description|Mining company}}
{{Use dmy dates|date=November 2019}}
{{Infobox company
| name = MMG Limited
| logo = MMG Logo RED.jpg
| logo_size = 125
| type = Public
| traded_as = {{HKEX|1208}}
| foundation = 17 June 2009
| location = Melbourne, Australia
| key_people = Jiqing Xu (Chairman)
Cao Liang (CEO)
| industry = Mining
| products = Copper, gold, lead, molybdenum, silver, zinc
| revenue = US$ 4.3 billion
| revenue_year = 2023
| NPAT = US$ 122.1 million
| NPAT_year = 2023
| homepage = [http://www.mmg.com/ www.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%.[https://www.mmg.com/who-we-are/company-overview/ Our Major Shareholder] MMG
History
MMG was formed in June 2009, following the purchase of the majority of assets of Oz Minerals by China Minmetals.[https://web.archive.org/web/20210227085858/https://www.ozminerals.com/about/our-history/ Our History] Oz Minerals[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 18 June 2009
In December 2010, MMG was acquired by Minmetals Resources, a subsidiary of China Minmetals and listed on the Hong Kong Stock Exchange.[https://www.mmg.com/media-release/minmetals-resources-limited-successfully-acquires-mmg-d75/ Minmetals Resources Limited successfully acquires MMG] MMG 31 December 2010
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.
MMG had a secondary listing on the Australian Securities Exchange from December 2015[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 until its delisting on December 2019.[https://www.asx.com.au/asxpdf/20191101/pdf/44b63tkzx6xzvw.pdf Voluntary Delisting from ASX] Australian Securities Exchange 1 November 2019
= 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.{{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}} The MMG's Rosebery dam requires a third tailing dam in order to continue operating past 2024.{{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}} The decision was opposed by the Bob Brown Foundation (BBF) led by former Greens leader Bob Brown and protestors. The BBF subsequently challenged the decision in the Tasmanian Supreme Court in April 2023, but was rejected by chief justice Alan Blow.{{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}}{{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}}
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. 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.{{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}}{{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}}
Operations
MMG operate and develop copper, zinc and other base metals projects across Australia, Botswana, the Democratic Republic of the Congo and Peru.[http://www.mmg.com/en/Our-Operations/Mining-operations.aspx Mining operations] MMG
=Current=
- Dugald River mine in Cloncurry, Queensland[http://www.mmg.com/en/Our-Operations/Mining-operations/Dugald-River.aspx Dugald River] MMG
- Kinsevere mine in the Democratic Republic of Congo[https://www.mmg.com/our-business/kinsevere/ Kinsevere] MMG
- Khoemacau mine in the Botswana[https://www.mmg.com/our-business/khoemacau] MMG
- Las Bambas copper mine in Peru (62.5%)[https://www.mmg.com/our-business/las-bambas/ Las Bambas] MMG
- Rosebery mine in Tasmania[https://www.mmg.com/our-business/rosebery/#Rosebery_Blurb Rosebery] MMG
=Former=
- Century Mine[https://www.mmg.com/media-release/170228-new-life-for-century-d98/ New life for Century] MMG
- Golden Grove Mine[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
- Sepon mine[https://www.mmg.com/media-release/181130-mmg-completes-sale-of-sepon-mine/ MMG completes sale of Sepon mine] MMG 30 November 2018
References
{{Reflist}}
{{Mining companies of Australia}}
{{authority control}}
Category:Companies based in Melbourne
Category:Companies formerly listed on the Australian Securities Exchange
Category:Companies listed on the Hong Kong Stock Exchange
Category:Copper mining companies of Australia
Category:Gold mining companies of Australia
Category:Government-owned companies of China
Category:Lead mining companies
Category:Metal companies of China
Category:Silver mining companies