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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  MMG Limited    1208   HK1208013172

MMG LIMITED

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MMG : China Minmetals to move staff to new MMG office in Beijing

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08/19/2020 | 04:19am EDT
FILE PHOTO: A company logo of Minmetals Resources is pictured at a news conference in Hong Kong

Around 20 staff from state-owned China Minmetals Corp are being transferred to subsidiary MMG Ltd's new office in Beijing, the Australia-based miner said on Wednesday, as it sets up a marketing presence in the world's biggest metals consumer.

Some of MMG's chief sales roles, including its head of marketing, will be among those moved from Melbourne to the Chinese capital, placing them much closer to major customers.

A source familiar with the relocation, speaking on condition of anonymity, said there would be a marketing handover to the new Beijing team later in the year.

"The Beijing office will host several functions and is an extension of our head office, which will remain in Melbourne," an MMG spokeswoman said by email, adding it would "improve efficiencies and access to key stakeholders in China".

The Minmetals employees are moving from the group's nonferrous metals unit - and MMG's major shareholder - China Minmetals Non-ferrous Metals Co Ltd, whose premises in Beijing will house the new operation.

MMG operates the giant Las Bambas copper mine in Peru and the Kinsevere copper project in Democratic Republic of Congo. It also produces copper, lead and zinc in Australia.

As well as around 20 transfers from Minmetals, a further 20 will be recruited locally for the MMG Beijing office, the spokeswoman said, adding the copper marketing team would be based in China and the zinc team will remain in Australia.

A Minmetals spokesman said he was unaware of the move.

It was not immediately clear how many MMG staff would transfer from Australia to China or how many Melbourne-based roles would be cut.

A second source familiar with the plans estimated less than 10 MMG staff would move to Beijing. Other positions being filled by Minmetals employees are accounting roles, he added.

The MMG spokeswoman did not provide a figure for head-office staff reductions.

By Tom Daly


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Financials (USD)
Sales 2020 3 065 M - -
Net income 2020 -104 M - -
Net Debt 2020 7 228 M - -
P/E ratio 2020 -175x
Yield 2020 -
Capitalization 15 160 M 1 956 M -
EV / Sales 2020 7,31x
EV / Sales 2021 5,80x
Nbr of Employees 3 238
Free-Float 27,5%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 0,31 $
Last Close Price 1,88 $
Spread / Highest target -77,3%
Spread / Average Target -83,6%
Spread / Lowest Target -87,0%
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Managers
NameTitle
Xiao Yu Gao Chief Executive Officer & Executive Director
Wen Qing Guo Chairman
Ross Anthony Carroll Chief Financial Officer
Ji Qing Xu Non-Executive Director
Jian Jiao Non-Executive Director