MMG is China's preferred developer of overseas mines - CEO

Metallic Minerals

12/10/2017 03:00

MELBOURNE, Oct 12 (Reuters) - 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.  urn:newsml:reuters.com:*:nL4N1M83KH 
    "Minmetals has been selected as a pilot programme for SOE 
reform - the only one in the metals sector," Jiao said. 
    "This has now positioned MMG as a preferred vehicle for 
foreign direct investment into international resource investment 
in 'China short' commodities," he said, speaking at a Melbourne 
Mining Club lunch. 
    Minmetals' selection for the trial was partly due to its 
successful development of the Las Bambas copper mine in Peru and 
its zinc mine, Dugald River, in northern Australia, Jiao said, a 
"demonstration that China can deliver and operate world scale 
international mining projects - and deliver value." 
    MMG expects to produce 65,000-72,000 tonnes of zinc and 
560,000-615,000 tonnes of copper this year, it said in August.  
It will release its third quarter production report on Oct. 18. 
 urn:newsml:reuters.com:*:nL4N1L931H 
    MMG, headquartered in Melbourne, posted a half-year profit 
of $17.8 million in August.  urn:newsml:reuters.com:*:nFWN1L80KB 
 
 (Reporting by Melanie Burton and Sonali Paul; Editing by Neil 
Fullick) 
 ((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals; 
+613 9286 1421; Reuters Messaging: 
melanie.burton.thomsonreuters.com@reuters.net)) 
 
Keywords: MMGLTD PRESENTATION/