MMG is pleased to provide you with a copy of our first Business Review outlining our operational, financial and sustainability performance in 2009 and providing you with an overview of MMG’s business internationally.
Since MMG’s formation in June last year, we have laid the foundations to achieve our vision of building the next generation’s leading global diversified minerals and metals company.
Key highlights achieved for the seven months in 2009 were:
- Record copper production generated across the business
- Revenue of US$852.8 million resulted in EBITDA of US$350.2 million
- Reinvestment of all net profit in the business
- Sepon copper expansion project recommenced to increase nameplate production from 65,000 to 80,5000 tonnes of copper cathode per annum
- Design and construction of a new tailings storage facility with 15-year capacity initiated at Golden Grove
- 18-month exploration program at Century on the mine and adjacent leases to identify new zinc deposits for the processing operations commenced
- Recommenced construction of an additional ventilation shaft at the underground Rosebery mine
In 2009 MMG also became a member of the Minerals Council of Australia and the International Council on Mining and Metals, committing to the sustainability frameworks of these organisations.
We continue to meet the commitments made by our shareholder, China Minmetals Corporation, to provide education, training, employment and economic benefits to the local communities in which we operate. We are proud to have one of the highest rates of Indigenous employment in Australia, with over 20% of total employees, at our Century mine in Queensland.
In 2010, we have continued to focus on internal development and organic growth at our current assets and projects while identifying merger and acquisition opportunities with which to grow our business in Australia and internationally.
I encourage you to download the report below for more detailed information about MMG and its progress or visit us online at www.mmgroupltd.com.
Chief Executive Officer