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