|Bid||5.110 x 0|
|Ask||5.120 x 0|
|Day's Range||5.000 - 5.240|
|52 Week Range||2.270 - 6.370|
|PE Ratio (TTM)||35.42|
|Earnings Date||Aug 15, 2017 - Aug 21, 2017|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||5.80|
In an ornate room in Democratic Republic of Congo's presidential palace last week, some of global mining's most powerful men faced off against government officials over proposed changes to the country's mining code. Facing the officials, including President Joseph Kabila, the executives at times threatened to pursue arbitration or close mines if the government went ahead with changes including royalty increases, according to one of the president's top advisers, Barnabe Kikaya bin Karubi, who attended the meeting.
The miners said in a joint statement that a team representing the companies had arrived in Kinshasa and would begin detailed talks soon with the government on implementation of the new rules signed into law last Friday by DRC President Joseph Kabila. International mining companies including Glencore, Randgold, Ivanhoe Mines, MMG and China Molybdenum have vigorously opposed the new law.
Democratic Republic of Congo President Joseph Kabila signed into law on Friday a new mining code that raises royalties and taxes on operators, the presidency said in a statement. International mining companies that operate in Congo, Africa's top copper producer, have vigorously opposed the new law, although Kabila pledged this week to work with them while implementing it. Executives from Glencore, Randgold, China Molybdenum and Ivanhoe failed to convince Kabila during a six-hour meeting on Wednesday to re-open negotiations over the code, which they say will deter investment and violate existing agreements.
The code has been vigorously opposed by the miners. The announcement followed a nearly six-hour meeting between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years. "The president of the republic assured the miners ... that their concerns will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law," a joint statement said.
Democratic Republic of Congo President Joseph Kabila will soon sign into law a new mining code that is vigorously opposed by industry, according to the government and mining companies. The announcement followed a nearly six-hour meeting on Wednesday between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years. "The president of the republic assured the miners ... that their concerns will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law," the statement said.
Democratic Republic of Congo President Joseph Kabila plans "shortly" to sign into law a new mining code that is vigorously opposed by industry, the government said on Wednesday. The announcement followed a nearly six-hour meeting between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause in the current law protecting miners from fiscal changes for 10 years. The miners' concerns "will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law", a government statement said.
March 7 (Reuters) - Mmg Ltd: * FY REVENUE $4,143.2 MILLION VERSUS $2,488.8 MILLION * FY NET PROFIT AFTER TAX OF $348.4 MILLION, INCLUDING $147.1 MILLION ATTRIBUTABLE TO EQUITY HOLDERS OF COMPANY, A $299.8 ...
Jan 24 (Reuters) - Mmg Ltd: * QTRLY COPPER CATHODE PRODUCTION 38,051 TONNES, DOWN 12 PERCENT * LAS BAMBAS DELIVERED PRODUCTION OF 121,140 TONNES OF COPPER IN COPPER CONCENTRATE FOR DEC QUARTER, 6% ABOVE ...
The government of Peruvian President Pedro Pablo Kuczynski is evaluating a $2.4 billion railway project to transport mineral concentrates from a copper-rich Andean region to the Pacific coast for export, a government official told Reuters Wednesday. Deputy Mines Minister Ricardo Labo said the proposed railway would start in the highland region of Apurimac and stretch 600 km (373 miles) to the coast, carrying concentrates from Chinese-owned MMG Ltd's Las Bambas mine and other copper and iron projects slated to come online in the next 15 years. A railway might help ease tensions between mining companies and farming communities in the Andes that have complained about the dust and noise created by hundreds of diesel trucks that transport MMG's copper over unpaved roads every week.
Dec 29 (Reuters) - Mmg Ltd: * UPDATES ON ISSUE OF 338 MILLION CONVERTIBLE REDEEMABLE PREFERENCE SHARES IN UNIT TOPSTART LIMITED * TOPSTART LTD ISSUED NOTICE TO ALBER HOLDINGS COMPANY CONFIRMING THAT ...
Dec 22 (Reuters) - Mmg Ltd: * MINERA LAS BAMBAS ELECTED TO EXERCISE ITS FIRST OPTION TO EXTEND LAS BAMBAS GRINDING MEDIA SUPPLY AGREEMENT FOR FURTHER PERIOD OF 12 MONTHS Source text for Eikon: Further ...
Dec 14 (Reuters) - Mmg Ltd: * APPOINTS MARK DAVIS AS EXECUTIVE GENERAL MANAGER OPERATIONS - AFRICA, AUSTRALIA AND ASIA * APPOINTS SURESH VADNAGRA AS EXECUTIVE GENERAL MANAGER OPERATIONS AMERICAS AND ...
Dec 8 (Reuters) - Mmg Ltd: * SELLER MMG DUGALD RIVER ENTERED DUGALD RIVER ZINC CONCENTRATE SALES AGREEMENT WITH BUYER MINMETALS NORTH-EUROPE * SALE OF ABOUT 100,000 DRY METRIC TONNES OF ZINC CONCENTRATES ...
This remote town in Peru's southern Andes was supposed to serve as a model for how companies can help communities uprooted by mining. Named Nueva Fuerabamba, it was built to house around 1,600 people who gave up their village and farmland to make room for a massive, open-pit copper mine. The mine's operator, MMG Ltd, the Melbourne-based unit of state-owned China Minmetals Corp, threw in jobs and enough cash so that some villagers no longer work.
Dec 4 (Reuters) - Red Metal Ltd: * CO EXECUTED AN OPTION AND JOINT VENTURE AGREEMENT WITH MMG EXPLORATION PTY LTD UNIT OF GLOBAL MINER MMG LIMITED (MMG) Source text for Eikon: Further company coverage:...
Nov 10 (Reuters) - Mmg Ltd * Lane Xang Minerals agrees to sell copper cathode to China Minmetals Non-Ferrous Metals Co * Sale of product between 14,000 & 17,000 metric tonnes per annum during 2018, ...
Nov 8 (Reuters) - Mmg Ltd * Commissioning at Dugald River Zinc Project in Queensland continues to progress to plan Source text for Eikon: Further company coverage:
MMG Ltd, the international mining unit of state-owned China Minmetals Corp, has become China's preferred developer of overseas projects and is looking at acquisitions beyond its core strengths of copper and zinc, MMG's chief executive said. As well as actively looking for copper and zinc projects to develop, "We continue to assess other commodities," Jerry Jiao told reporters at a Melbourne Mining Club lunch.
MMG Ltd, the international mining unit of state-owned China Minmetals Corp, has become China's preferred developer of overseas mining projects after it was selected in a trial, MMG's chief executive said on Thursday. China's government is supporting moves overseas by state-owned industries with a keen focus on commodities in which China is short, Jerry Jiao said. Beijing is trying to streamline and modernise its bloated and debt-ridden state-owned sector and create conglomerates capable of competing globally.
Peru's President Pedro Pablo Kuczynski swore in Cayetana Aljovin as the new Energy and Mines Minister on Thursday, tasking the former business manager and journalist with shaping mining policy in the world's No.2 copper, zinc and silver producer. Aljovin, who spent the past year overseeing social programs in the South American nation as Development and Social Inclusion Minister, replaces Gonzalo Tamayo, a former economic consultant. Aljovin, 50, faces the challenge of trying to revive mining investments that are on set to fall for the fourth straight year in 2017 amid calls from the industry for new incentives to spur exploration.
Peru will likely gradually increase its copper production to 3.1 million tonnes in 2021 from an annual 2.35 million tonnes expected for both this year and next, the country's energy and mines minister ...