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MMG LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-30 am EDT
2.920 HKD   -1.02%
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06/22Residents end blockade of Las Bambas mine road, agree to dialogue
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Copper extends losses on global recession worries

05/26/2022 | 12:22am EDT

May 26 (Reuters) - Copper extended losses to a third straight session on Thursday, although at a modest pace, as concerns grew that the global economy may plunge into a recession and dampen demand for industrial metals.

Prices of most other base metals also fell on both the Shanghai Futures Exchange and the London Metal Exchange.

FUNDAMENTALS

* Three-month LME copper was down 0.1% at $9,365 a tonne by 0351 GMT.

* The most-traded July copper contract on the Shanghai bourse ended the morning trade 0.2% lower at 71,280 yuan ($10,614.25) a tonne.

* Years of under-investment in mining of metals essential to energy transition, supply shocks, and high energy prices will continue to drive commodity prices higher, Eurasian Resources Group Chief Executive Benedikt Sobotka said.

* Talks between indigenous Peruvian communities and the government to end a protest that has halted operations at MMG Ltd's Las Bambas copper mine ended without agreements on Wednesday, Alexander Anglas, an adviser to the communities told Reuters.

* The world refined copper market showed a 25,000 tonne deficit in March, compared with a 95,000 tonnes surplus in February, the International Copper Study Group (ICSG) said.

* China's central bank said it would promote more credit for smaller firms and boost financial institutions' confidence to lend funds, as policymakers in the world's top metals consumer struggle to get the COVID-stricken economy back on track.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian share markets slipped after minutes from the Federal Reserve's early-May meeting showed a majority backing half-percentage-point rate hikes in June and July, and as persistent concerns over global growth sapped confidence.

DATA/EVENTS (GMT)

1230 US GDP 2nd Estimate Q1

1230 US Initial Jobless Clm weekly

1230 US Retail Sales MM Mar

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

($1 = 6.7155 Chinese yuan)

(Reporting by Enrico Dela Cruz in Manila; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MMG LIMITED -1.02% 2.92 Delayed Quote.16.80%
S&P GSCI ALUMINUM INDEX 0.04% 155.1055 Real-time Quote.-13.07%
S&P GSCI INDUSTRIAL METALS INDEX -1.60% 430.7309 Real-time Quote.-12.27%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.11% 6.70089 Delayed Quote.5.43%
All news about MMG LIMITED
06/28Two Chinese Game Developers Sue Minmetals Trust Over Losses From WMPs
MT
06/22Residents end blockade of Las Bambas mine road, agree to dialogue
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06/22Road to Peru's Las Bambas copper mine blocked again by residents
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06/22MMG Uses Surplus Cash to Pay $500 Million of Project Facility as Peruvian Mine Resumes ..
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06/17Peru expects lower economic growth on impact of mine protests
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06/17Peru expects lower economic growth on impact of mine protests
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06/10MMG to Resume Operations at Peruvian Copper Mine Following Truce with Protesters
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06/09Peru communities to allow Las Bambas mine restart after 51-day shutdown
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06/08Copper subdued as dollar strength offsets demand hopes, dwindling stocks
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06/07Dwindling stocks, demand optimism lift copper prices
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Financials (USD)
Sales 2022 4 618 M - -
Net income 2022 628 M - -
Net Debt 2022 4 198 M - -
P/E ratio 2022 4,98x
Yield 2022 -
Capitalization 3 215 M 3 215 M -
EV / Sales 2022 1,61x
EV / Sales 2023 1,35x
Nbr of Employees 4 238
Free-Float 32,3%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 0,37 $
Average target price 0,52 $
Spread / Average Target 38,8%
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Managers and Directors
Lian Gang Li CEO, Executive Director & Executive GM-Commercial
Ross Anthony Carroll Chief Financial Officer
Jian Jiao Chairman
Peter William Cassidy Independent Non-Executive Director
Cheuk Yan Leung Independent Non-Executive Director