MMG managing director Jerry Jiao has expressed plans for the Chinese miner’s expansion and desire for new investments.
Speaking at a Melbourne Mining Club press briefing, the Melbourne-born MD explained he was optimistic at the prospect of increased demand, particularly in relation to base metal commodities for the burgeoning EV (electric vehicle) industry.
Jiao hopes to expand into the one belt, one road territories (including potential areas such as Russia, India and parts of southeast Asia) as well as Latin America and Africa.
MMG is a subsidiary of state-run company China Minmetals (aka Minmetals in the US), which owns a 74 per cent share in MMG. It first entered into the Australian market in 2009, when it purchased the majority of OZ Minerals’ assets for $US1.35 billion ($1.08 billion at the time, $1.73 billion inflated).
“Minmetals has been selected as a pilot program for SOE (state-owned enterprise) 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.”