China’s Minmetals formally launched its new Australian-based company yesterday following the completion of its $1.7 billion asset sale with OZ Minerals.
MMG (Minerals and Metals Group) was created out of the mines Minmetals purchased from OZ Minerals and will be headed up by former OZ chief executive Andrew Michelmore.
Mines to be operated by MMG include the Sepon project in Laos, Golden Grove in Western Australia and the world’s second largest zinc mine, the Century project in Queensland.
Michelmore said he is looking forward to meeting expectations from both Australia and China.
“With established mining assets in Australia and Laos, and exciting exploration and development opportunities domestically and around the world, I am confident MMG is well positioned to deliver on these expectations,” he said.
According to Minmetals president Zhou Zhongshu, MMG is well positioned to take advantage of its existing assets and become a major international minerals player.
“The organisation we launch here today has strength and a clear direction in its aim to develop world class mineral and metal projects,” Zhou said.
“My hope is that MMG will come to be recognised as a familiar and respected participant in the Australian and international mining and exploration communities.”