The Australian-based mining company MMG Limited was able to report record profitability for the past financial year. Rising zinc and copper prices boosted the company’s net income to $920.5 million.
MMG Limited focuses primarily on the mining of zinc and copper. But the company’s portfolio also includes gold and silver projects.
Successful fiscal year 2021
The Australian mineral exploration company MMG Limited was founded in 2009 and now mines around the globe mainly the base metals copper, zinc and lead, but also the precious metals gold and silver.
The business activities of MMG Limited include the development and exploration as well as the production of mineral resources. The company’s shares are listed on the Hong Kong Stock Exchange.
For fiscal 2021, MMG now reported total net income after taxes of $920.5 million. The company thus achieved a record net profit in its entire corporate history.
The good business performance can be attributed above all to the strong increase in zinc and copper prices in 2021. Zinc and copper production make up the bulk of the Australian mining company’s overall operations. Lead, gold and silver, however, are produced only in comparatively small quantities.
Since its inception, MMG Limited has grown into a mid-sized resource company with diverse projects around the globe.
The main projects of MMG Limited
MMG’s projects are located primarily in Australia, the Democratic Republic of Congo and Peru.
In Australia, the company operates the Rosebery mine. It is located in the province of Tasmania. The underground mine mainly mines polymetallic base metals. For 2022, MMG expects 55000 to 65000 tons of zinc.
The Dugald River mine is located in the Australian state of Queensland. This is one of the highest grade zinc deposits in the world. Dugald River is one of the ten largest zinc operations in the world. MMG has targeted an annual production volume of around 170000 to 190000 tons of zinc in the form of zinc concentrate at the mine.
Peru is home to the company’s largest copper mine. The Las Bambas mine is a large and, with an estimated life of 18 years, very long-lived mine in the south of the country.
The mine project is 62.5 percent owned by MMG, while 22.5 percent is held by its subsidiary Guoxin International Investment. The remaining 15 percent of the mine is owned by Citic Metal, a subsidiary of Citic Pacific of Hong Kong.
In the south of the Democratic Republic of Congo, MMG Limited operates the Kinsevere copper mine. According to the plan, about 45000 to 50000 tons of copper will be produced there this year.