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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$56.07B | 16.26 | 20.71% | 2.34% | -6.03% | 37.62% | |
73 Outperform | HK$102.10B | 26.28 | 16.36% | ― | 22.65% | 323.84% | |
72 Outperform | $906.55B | 18.10 | 29.60% | 1.63% | 9.69% | 54.43% | |
70 Outperform | HK$428.17B | 18.97 | 27.23% | 1.48% | -2.42% | 38.68% | |
70 Outperform | HK$145.76B | 15.18 | 9.95% | 3.32% | -4.55% | 9.15% | |
64 Neutral | $107.83B | 41.65 | 15.17% | 0.18% | 44.37% | 125.87% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
MMG Corporate Events
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
MMG has announced the proposed issuance of US$500 million zero-coupon convertible bonds due in 2030. The bonds are convertible into shares at an initial conversion price of HK$8.40 per share, potentially representing about 3.67% of the company’s enlarged share capital. The proceeds from this issuance are intended to refinance the company’s offshore indebtedness. The subscription and issuance of these bonds are subject to certain conditions and may not proceed to completion, urging shareholders and investors to exercise caution.
MMG Limited has announced an update to its Mineral Resources and Ore Reserves Statement as of June 30, 2025, highlighting significant changes in its mineral holdings. The company reported increases in mineral resources for copper, lead, molybdenum, silver, and gold, while zinc and cobalt saw slight decreases. Ore reserves increased for zinc, lead, cobalt, molybdenum, and gold, but decreased for copper and silver. These changes reflect MMG’s ongoing efforts in exploration and resource conversion, with notable developments at the Rosebery and Dugald River sites, as well as the Ferrobamba open pit at Las Bambas. The Kinsevere operation also reported ore reserves for new areas for the first time, indicating a positive trajectory in replenishing and expanding its resource base.