Minerals and Metals Group
Encyclopedia
Minerals and Metals Group (MMG) is an Australian-based mining company and wholly owned subsidiary of China Minmetals
. It was formed in 2009 with the purchase of most of OZ Minerals
' assets by China Minmetals; these collective assets became MMG. The direct holding company
for MMG is known as Album Resources Private Limited, incorporated in Singapore
; the ultimate holding company is China Minmetals Non-Ferrous Metals Company Ltd.
, on 16 June 2009. The portfolio of assets was sold for US$1.354 billion. The deal initially also included the Prominent Hill Mine; however, the sale was blocked by the Australian Government
, citing national security concerns. Wayne Swan
, Treasurer of Australia
, stated that Prominent Hill could not be included in the sale as it was within a sensitive military area. The sale went ahead only after Prominent Hill was excluded from the deal; OZ Minerals retained Prominent Hill as its only major asset.
, and Rosebery
mines in Australia
, and the Sepon mine in Laos
. It also acquired the Avebury nickel mine in Australia, which is not producing. It acquired three projects under development: Dugald River in Australia, and High Lake and Izok Lake in Canada
. MMG also conducts mineral exploration in Australia, Asia
, and Canada. It is one of the world's largest producers of zinc.
China Minmetals
China Minmetals Corporation is a Chinese metals and mineral trading company. It is a state-controlled corporation existing under the laws of the People's Republic of China, is a diversified metals and mining company based in Beijing, China...
. It was formed in 2009 with the purchase of most of OZ Minerals
OZ Minerals
OZ Minerals is an Australian mining company, formed from the merger of Oxiana Limited and Zinifex in 2008.In 2009, Chinese state owned China Minmetals proposed a purchase of the heavily indebted company. The Chinese proposal was one of three high profile moves by Chinese firms to acquire stakes in...
' assets by China Minmetals; these collective assets became MMG. The direct holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
for MMG is known as Album Resources Private Limited, incorporated in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
; the ultimate holding company is China Minmetals Non-Ferrous Metals Company Ltd.
History
MMG was formed after its parent company, China Minmetals, bought almost all mining assets of deeply indebted Australian mining company OZ MineralsOZ Minerals
OZ Minerals is an Australian mining company, formed from the merger of Oxiana Limited and Zinifex in 2008.In 2009, Chinese state owned China Minmetals proposed a purchase of the heavily indebted company. The Chinese proposal was one of three high profile moves by Chinese firms to acquire stakes in...
, on 16 June 2009. The portfolio of assets was sold for US$1.354 billion. The deal initially also included the Prominent Hill Mine; however, the sale was blocked by the Australian Government
Government of Australia
The Commonwealth of Australia is a federal constitutional monarchy under a parliamentary democracy. The Commonwealth of Australia was formed in 1901 as a result of an agreement among six self-governing British colonies, which became the six states...
, citing national security concerns. Wayne Swan
Wayne Swan
Wayne Maxwell Swan is the Deputy Prime Minister of Australia and an Australian politician. He has been an Australian Labor Party member of the Australian House of Representatives from 1993 to 1996, and then re elected in 1998 till today , representing the Division of Lilley, QLD...
, Treasurer of Australia
Treasurer of Australia
The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. He is the head of the Department of the Treasury. The Treasurer plays a key role in the economic policy of the government...
, stated that Prominent Hill could not be included in the sale as it was within a sensitive military area. The sale went ahead only after Prominent Hill was excluded from the deal; OZ Minerals retained Prominent Hill as its only major asset.
Operations
MMG owns and operates the Century, Golden GroveGolden Grove Mine
The Golden Grove Mine is a copper, lead, silver, zinc and gold mine located 52 km south-south-east of Yalgoo, Western Australia.It is operated by Minerals and Metals Group, which was formed after its parent company, China Minmetals, bought the mine from OZ Minerals in June 2009...
, and Rosebery
Rosebery, Tasmania
Rosebery is a town on the west coast of Tasmania, Australia. It is situated at the northern end of the West Coast Range, in the shadow of Mount Black and adjacent to the Pieman River now Lake Pieman....
mines in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, and the Sepon mine in Laos
Laos
Laos Lao: ສາທາລະນະລັດ ປະຊາທິປະໄຕ ປະຊາຊົນລາວ Sathalanalat Paxathipatai Paxaxon Lao, officially the Lao People's Democratic Republic, is a landlocked country in Southeast Asia, bordered by Burma and China to the northwest, Vietnam to the east, Cambodia to the south and Thailand to the west...
. It also acquired the Avebury nickel mine in Australia, which is not producing. It acquired three projects under development: Dugald River in Australia, and High Lake and Izok Lake in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. MMG also conducts mineral exploration in Australia, Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
, and Canada. It is one of the world's largest producers of zinc.