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MMG commits to robust corporate governance practices

Following its recent formation from the assets sold by OZ Minerals to China Minmetals Non-ferrous Metals Co., Ltd (Minmetals), a division of China Minmetals Corporation, MMG today confirmed details of its Board and executive management and reiterated its commitment to maintaining robust corporate governance practices.

The MMG Board will be chaired by Mr Zhou Zhonghsu, President of China Minmetals Corporation, who will be joined by other senior representatives of Minmetals and senior MMG management. Also joining the Board will be Mr Peter Cassidy, a metallurgical engineer with almost 40 years of experience in the resource and energy sectors, and a former director of OZ Minerals.

The Board will comprise:

    • Mr Zhou Zhongshu – Chairman MMG
    • Mr Andrew Michelmore – Chief Executive Officer MMG
    • Dr Peter Cassidy – Non-executive Director
    • Mr Wang Lixin – Non-executive Director
    • Mr Xu Jiqing – Non-executive Director
    • Mr Jiao Jian – Non-executive Director
    • Mr Mark Liu – Executive Director MMG

Detailed biographies are attached.

MMG Chief Executive Officer Mr Andrew Michelmore said that the MMG Board will set the corporate governance framework for the business. “A strong governance structure is important in providing effective management of our external and internal relationships and in assisting MMG to maintain a competitive edge in business, both regionally and internationally.”

“It also encourages us as management to create additional value for our stakeholders and provide for appropriate controls and risk management.”

The MMG Board will assist Minmetals to uphold the undertakings it gave to the Australian Government in obtaining approval to acquire the MMG assets.

MMG also confirmed details of its executive management team.  In addition to Mr Michelmore, the Melbourne based team comprises:

        • Mr Mark Liu – Executive Director
        • Mr David Lamont – Chief Financial Officer
        • Mr Brett Fletcher – Chief Operating Officer
        • Mr Steve Ryan – Executive General Manager – Exploration
        • Mr Tim Scully – Executive General Manager – Business Support

Detailed biographies are attached.

Mr Mark Liu, who was instrumental in the transaction between Minmetals and OZ Minerals, has taken on the role of Executive Director, reporting to Mr Michelmore and helping facilitate communication between MMG executive management and its parent company and identifying opportunities and synergies between the two businesses.

“We need a person with an intimate knowledge of our shareholder; both Western and Chinese social and business culture; and the ability to express these equally fluently in English or Mandarin to support us. Mark is an ideal candidate to fulfil this role and I’m pleased that he has joined our team here in Melbourne,” said Mr Michelmore.

MMG is in the process of recruiting for the role of Executive General Manager – Business Development and expects to announce an appointment shortly.

The Board also confirmed the level of public reporting to which MMG will commit.  This will include quarterly reports on production, exploration, environmental and safety performance. Financial data will be published in an Annual Report at the end of the calendar year reporting period, together with a Business Review on the business’s operational performance metrics.

The first quarterly report will be produced at the end of October for the September quarter and the first Annual Report in early 2010.

“MMG is committed to open and transparent communication and these reports will form the basis on which we will engage with our stakeholders and keep them informed of our performance and progress,” said Mr Michelmore.

“Our key focus at the moment is getting the fundamentals of the business right and making sure that we are operating an efficient and profitable business.

“We do not need to access the capital markets and currently have no plans for a public listing in any market in the short term. This level of disclosure is simply healthy business practice and a good discipline,” he said.

For further information:

Matthew Foran   Group Manager Stakeholder & Community Relations
T 61 3 9288 0456 / 61 (0)409 313 637

Sally Cox
Communications Advisor
T 61 3 9288 0850 / 61 (0)417 144 524
E sally.cox@mmgroupltd.com


Mr Zhou Zhongshu

Mr Zhou Zhongshu, aged 56, is the President of China Minmetals Corporation, and the Chairman of China Minmetals Non-ferrous Metals Co., Ltd. Mr Zhou graduated from Shanghai International Studies University in the PRC majoring in Spanish. He joined the China Minmetals Group in 1978. From 2000 to 2002, Mr Zhou was the Commercial Counsellor of the Chinese Embassy in Spain. Mr Zhou has extensive experience in international trading and strategic investment and over twenty three years of experience in non-ferrous metals industry.

Dr Peter Cassidy

Dr Cassidy is a metallurgical engineer, with almost 40 years of experience in the resource and energy sectors including almost 20 years as a director of major public companies. He has most recently been involved in the development and operation of major mining and processing projects in Australia, China, Laos, Papua New Guinea and Cote d’Ivoire.

He was CEO of Goldfields Limited from 1995 until its merger with Delta Gold Limited in 2002 to form AurionGold Limited. Prior to 1995 he was Executive Director – Operations of RGC Limited.

Dr Cassidy has been a Non-executive Director of Oxiana Limited (2002- 2007), Zinifex Limited (2004-2008) and OZ Minerals Limited (2008-2009). He is also currently a Non-executive Director of Lihir Gold Limited (since 2003), Sino Gold Mining Limited (since 2002, including its Chairman 2005-2006) and Energy Developments Limited (since 2003 and its Chairman since 2008.)

Mr Wang Lixin

Mr Wang Lixin, aged 41, is the President of China Minmetals Non-ferrous Metals Co., Ltd. Mr Wang acquired a Bachelor of Arts degree in International Trade from the University of International Business and Economics in the PRC in 1990. Mr Wang joined the Ministry of Foreign Trade and Economic Cooperation in 1990 and subsequently he transferred to the China Minmetals Group in 1995. He has over thirteen years experience in foreign trade, investment and corporate management, as well as five years of experience with government services.

Mr Xu Jiqing

Mr Xu Jiqing, aged 41, has been a Vice President and Chief Financial Officer of China Minmetals Non-ferrous Metals Co., Ltd, since 2007 and 2005 respectively.

Mr Xu holds a Bachelor’s degree in Accounting from the University of International Business and Economics in the PRC and a Master of Business Administration degree from the Saint Mary’s University in Canada. He is a qualified senior accountant in the PRC and is a member of the Certified General Accountants Association of Canada. Mr Xu joined the China Minmetals group in 1991. Mr Xu has extensive experience in accounting and corporate financial management.

Mr Jiao Jian

Mr Jiao Jian, aged 41, has been a Vice President of China Minmetals Non-ferrous Metals Co., Ltd since 2007. Mr Jiao holds a Bachelor’s degree in International Economics from the Nankai University in the PRC and a Master of Business Administration degree from the Saint Mary’s University in Canada. Mr Jiao joined the China Minmetals group in 1992, he is responsible for the copper and aluminium business. Mr Jiao has extensive experience in international trade, investment and corporate management.

Mr Mark Liu

Mark Liu joined the China Minmetals group in 2001 and has held various senior management positions in Australia and the USA. In August 2008, Mark was appointed a Vice President of Minmetals Resources Ltd, a Hong Kong listed company, and has also served as a director of two subsidiaries and one jointly-controlled company.

Mark has extensive experience in banking and finance, international business, and project development and management. Mark has held senior management positions in both commercial and investment banking in Australia from 1981 – 1995.

Mr Andrew Michelmore

Mr Michelmore commenced with Zinifex as Managing Director and Chief Executive Officer on 1 February 2008, upon his return from two years working in London and Russia as Chief Executive Officer of EN+Group. Mr Michelmore has more than 28 years experience in the metals and mining industry. He spent 12 years at WMC where he was Chief Executive Officer and prior to that, held senior roles in the company’s nickel, gold, alumina, copper, uranium and fertiliser businesses.

Mr Michelmore joined CRA in 1981, leading to a position as General Manager of Nilcra Ceramics Pty Ltd in 1985. He held the position of General Manager of Nabalco Pty Ltd, the Gove Joint Venture from 1989 to December 1992.

He is also a member of the board and executive committee of the International Zinc Association, Council Member of the International Council of Mining & Metals, and member of the Business Council of Australia, and a Director of the Minerals Council of Australia.

Mr David Lamont

David Lamont joined MMG on its formation in June 2009, he had previously joined OZ Minerals in October 2008.Mr Lamont is a member of the Institute of Chartered Accountants was an Audit Supervisor at Deloitte Haskins and Sells before commencing a corporate career. After progressing through a number of senior roles in the chemical and agricultural industries, David was appointed Chief Financial Officer at Incitec Limited in 1999.

David joined BHP Billiton in 2001 were he held a number of senior roles including Chief Financial Officer of BHP Billiton’s Energy Coal and Carbon Steel Materials Groups. David joined OZ Minerals from PaperlinX Ltd, where he served as Chief Financial Officer since 2006 and was appointed an Executive Director in February 2008.

Mr Brett Fletcher

Brett Fletcher joined MMG on its formation in June 2009, and he was previously appointed Chief Operating Officer of Zinifex in April 2007.  Mr Fletcher commenced his career in the mining industry in 1989 at Broken Hill, New South Wales where as a qualified mining engineer he held various technical and management roles.  For the last seven years Mr Fletcher has held general manager positions at Rosebery Mine, Century Mine and Hobart Smelter.

Mr Steve Ryan

Steve Ryan has over 20 years international experience in the mineral exploration industry. Mr Ryan worked for the CRA / Rio Tinto Group, including in Country Exploration Manager positions in India, Papua New Guinea and Fiji and geologist positions in Russia, Australia and other countries. Mr Ryan worked for Oxiana in Asia Exploration General Manager and China Country Exploration Manager positions and also had three years in the venture capital industry as an Investment & Business Development Manager for an international venture capital group. Mr Ryan has degrees in Geology and an MBA in international business.

Mr Tim Scully

Tim Scully joined MMG on its formation in June 2009, and had previously joined OZ Minerals in November 2008. Mr Scully has experience in leadership development, talent management and succession planning and HR systems and processes. Prior to joining OZ Minerals Mr Scully was General Manager Organisation Development at Intrepid Mines where he was responsible for the development and roll out of the HR merger implementation plan through the merger of Emperor and Intrepid to achieve the benefits attributed to the merger.  Prior to that he was General Manager Organisation Development and Human Resources at Atlas Group Holdings and before that General Manager – Human Resources at WMC Resources Ltd where he worked from 1989 to 2005.