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MMG
(1208)
MMG (1208) vs. iShares MSCI Hong Kong ETF (EWH)
MMG Business Overview & Revenue Model
MMG Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.38B | 4.48B | 4.35B | 3.25B | 4.25B | 3.03B |
| Gross Profit | 2.85B | 2.13B | 1.51B | 1.56B | 2.64B | 1.39B |
| EBITDA | 2.79B | 2.05B | 1.50B | 1.51B | 2.58B | 1.32B |
| Net Income | 480.80M | 161.90M | 9.00M | 172.40M | 667.10M | -64.70M |
Balance Sheet | ||||||
| Total Assets | 15.49B | 14.99B | 11.90B | 12.54B | 13.02B | 12.30B |
| Cash, Cash Equivalents and Short-Term Investments | 707.30M | 192.70M | 447.00M | 372.20M | 1.26B | 192.70M |
| Total Debt | 4.38B | 4.78B | 4.85B | 5.55B | 6.43B | 7.33B |
| Total Liabilities | 8.43B | 8.71B | 7.59B | 8.31B | 9.10B | 9.63B |
| Stockholders Equity | 3.75B | 3.42B | 2.12B | 2.14B | 1.93B | 936.40M |
Cash Flow | ||||||
| Free Cash Flow | 1.37B | 706.70M | 1.06B | 267.60M | 1.98B | 843.60M |
| Operating Cash Flow | 2.28B | 1.61B | 1.85B | 832.10M | 2.55B | 1.36B |
| Investing Cash Flow | -929.50M | -2.97B | -790.00M | -538.70M | -573.70M | -515.80M |
| Financing Cash Flow | -1.27B | 1.10B | -985.10M | -1.18B | -915.20M | -867.20M |
MMG Technical Analysis
MMG Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$57.48B | 16.67 | 20.71% | 2.28% | -6.03% | 37.62% | |
73 Outperform | HK$113.51B | 29.22 | 16.36% | ― | 22.65% | 323.84% | |
72 Outperform | HK$1.08T | 20.61 | 29.60% | 1.55% | 9.69% | 54.43% | |
71 Outperform | HK$191.96B | 18.64 | 9.95% | 3.23% | -4.55% | 9.15% | |
70 Outperform | HK$529.25B | 21.89 | 27.23% | 1.45% | -2.42% | 38.68% | |
64 Neutral | HK$126.04B | 48.68 | 15.17% | 0.16% | 44.37% | 125.87% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
MMG Corporate Events
MMG’s subsidiary Minera Las Bambas (MLB) has signed a molybdenum concentrate sales framework agreement with China Minmetals Non-ferrous Metals (CMN) covering 2026–2028, formalising ongoing sales of molybdenum concentrate from the Las Bambas operation to CMN and its affiliates. The transaction is classified as a continuing connected transaction under Hong Kong listing rules, triggering reporting, annual review and announcement requirements but remaining exempt from independent shareholder approval; pricing will be set on an arm’s-length basis with reference to S&P Platts market quotations and discounts benchmarked against independent third-party offers, aiming to ensure sales terms are no less favourable than those to external customers and providing MMG with continued offtake certainty for molybdenum while maintaining regulatory compliance on related-party dealings.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has approved a major expansion of the Khoemacau Copper Mine in Botswana, committing around US$900 million to extend mining to additional deposits and build a new 4.5 Mtpa processing plant, lifting total milling capacity to more than 8.0 Mtpa. The project is expected to increase annual copper production to 130,000 tonnes in concentrate with more than 4 million ounces of silver by the first half of 2028, while lowering the life-of-mine average C1 cost to below US$1.60 per pound from US$2.05, enhancing the mine’s profitability and scale within MMG’s copper portfolio; the company also sees further expansion potential to as much as 200,000 tonnes of copper per year, with a pre-feasibility study on the next phase slated to start in 2026, underlining Khoemacau’s role as a long-term growth platform for MMG and its stakeholders.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has entered into the Rosebery Concentrate Sales Agreement with Minmetals North-Europe, a connected entity under the company’s controlling shareholder, CMC. This agreement, covering the sale of 100% of production estimated at 6,000 dry metric tonnes per annum for 2026 and 2027, is a continuing connected transaction subject to specific reporting and review requirements. The pricing terms, negotiated at arm’s length, are favorable compared to independent third-party offers, ensuring competitive returns for MMG. The proposed annual cap for this transaction is set at US$150 million.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced a revision of the annual cap for its Rosebery Concentrate Sales Agreement with Minmetals North-Europe due to higher than expected prices for copper, gold, and silver. The revised cap for 2025 is set at US$125 million, up from the previous US$100 million, reflecting the company’s adaptation to market conditions. This agreement, classified as a continuing connected transaction, requires compliance with specific reporting and announcement rules but is exempt from independent shareholders’ approval due to its percentage ratios.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced the appointment of Mr. Cao Liang as the new Chairman of the Board, effective December 3, 2025. Mr. Cao, who has extensive experience in international mining investment and project management, is expected to bring strategic leadership to the company. Additionally, Mr. Leung Cheuk Yan has been designated as the Lead Independent Non-Executive Director (INED) to enhance communication and corporate governance within the board. These appointments aim to strengthen the company’s governance and operational effectiveness, aligning with the recently amended Corporate Governance Code.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced key leadership appointments and changes to its executive management structure. Mr. Chen Xuesong has been appointed as President of Las Bambas, and Mr. Xia Weiquan as President of Africa Operations, both joining the Executive Committee. Additionally, Mr. Nan Wang has assumed the role of Chief Operating Officer, and Mr. Qian Song’s responsibilities as Chief Financial Officer have been expanded. These changes aim to enhance operational efficiency and align with the company’s strategic goals, reflecting a commitment to strengthening asset management and global operations.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced the composition of its board of directors effective from December 3, 2025. The board includes a mix of executive, non-executive, and independent non-executive directors, with Mr. Zhao Jing Ivo serving as the Chief Executive Officer and Mr. Cao Liang as the Chairman. The announcement also details the membership of two key board committees, highlighting the company’s governance structure and commitment to effective management and oversight.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced positive exploration results from its Izok Corridor Project in Nunavut, Canada, following regional exploration during the 2024 and 2025 summer field seasons. The exploration, which included geophysical surveys and drilling, confirmed outcropping mineralization at multiple targets and extended known mineralization at High Lake and High Lake East. The company plans to update its Mineral Resource Estimate for High Lake and define a maiden estimate for High Lake East, with further exploration planned for 2026. These developments are expected to enhance MMG’s resource base and strengthen its position in the mining industry.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$9.10 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced the extension of the Long Stop Date for its acquisition of the Anglo-American nickel business in Brazil to 30 June 2026, due to the ongoing Phase II review by the European Commission. The company is actively collaborating with Anglo-American and the European Commission to facilitate the review process, which is crucial for the completion of the acquisition.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$8.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited announced the resignation of Mr. Xu Jiqing as Chairman and Non-Executive Director, effective December 2, 2025, as he shifts focus to his role as Vice President of China Minmetals Corporation. The board expressed gratitude for Mr. Xu’s contributions and plans to appoint a new chairman in a future meeting, ensuring a smooth transition for stakeholders.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced the composition of its board of directors following a meeting scheduled for December 2, 2025. The board includes a mix of executive, non-executive, and independent non-executive directors, with specific roles in the company’s audit, risk management, governance, remuneration, nomination, and sustainability committees. This announcement reflects the company’s ongoing commitment to strong governance and strategic oversight, potentially impacting its operational effectiveness and stakeholder confidence.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited announced that the European Commission will conduct a Phase II merger investigation into its planned acquisition of Anglo-American’s nickel business in Brazil. This detailed review aims to ensure there are no anti-competitive concerns with the acquisition, which is a crucial step for MMG as it seeks to expand its operations and strengthen its position in the global nickel market.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited, a company incorporated in Hong Kong, announced a continuing connected transaction involving a Logistics Services Agreement between Khoemacau Copper and Minmetals Logistics. This agreement is for the provision of shipping, logistics, and transportation services for copper concentrate from the Boseto processing facility at Khoemacau Mine to a designated port in the PRC. The transaction is subject to reporting and annual review requirements but is exempt from independent shareholders’ approval. This agreement is part of MMG’s ordinary business operations and aims to ensure efficient transport of its products, with pricing determined on an arm’s length basis.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has released its Third Quarter Production Report for 2025, showcasing a mixed performance across its operations. Notably, the company reported a 10% increase in total copper production compared to the previous year, driven by significant output from Las Bambas and Kinsevere. However, there were declines in molybdenum and cobalt production, with cobalt production ceasing entirely. The report highlights MMG’s strategic acquisition of the Khoemacau mine, which has contributed to the year-to-date production figures. The announcement reflects MMG’s ongoing efforts to strengthen its market position in the base metals sector, despite facing challenges in certain areas of production.
The most recent analyst rating on (HK:1208) stock is a Buy with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has announced a proposed change of its independent auditor from Deloitte Touche Tohmatsu to Ernst & Young, effective after the annual general meeting in May 2026. This decision follows a competitive tender process in compliance with regulations for state-owned enterprises, aiming to ensure audit independence and objectivity. The change is subject to shareholder approval, and Deloitte will continue its audit role until the end of 2025, with no issues reported regarding its retirement.
The most recent analyst rating on (HK:1208) stock is a Hold with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited’s Third Quarter Production Report for 2025 highlights a mixed performance across its mining operations. The company reported a 10% increase in total copper production compared to the same quarter last year, driven by a significant rise at Las Bambas, despite a decline in output at Khoemacau and Rosebery. Zinc production saw a 26% increase, with Dugald River contributing significantly, while lead production rose by 15%. However, molybdenum and cobalt production experienced declines, with cobalt production ceasing entirely. These results reflect MMG’s ongoing efforts to optimize its operations and adapt to market demands, impacting its industry positioning and stakeholder interests.
The most recent analyst rating on (HK:1208) stock is a Hold with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.
MMG Limited has successfully completed the issuance of US$500 million zero-coupon convertible bonds due in 2030. The net proceeds of approximately US$494 million will be used to refinance the company’s offshore indebtedness, and the bonds are expected to be listed on the Hong Kong Stock Exchange, enhancing MMG’s financial flexibility and market presence.
The most recent analyst rating on (HK:1208) stock is a Hold with a HK$7.00 price target. To see the full list of analyst forecasts on MMG stock, see the HK:1208 Stock Forecast page.