Copper major MMG’s new chief executive sticks to its ‘top mid-tier’ ambition by 2020
Hong Kong-listed overseas mining unit of state-owned metals trading giant China Minmetals currently has market capitalisation of US$3 billion
MMG, the Hong Kong-listed overseas mining unit of state-owned metals trading giant China Minmetals, will stick to its goal of ranking among the world’s “top mid-tier” mining firms by 2020, according to its new chief executive.
Asia’s largest listed copper miner by output will aim to achieve this via acquisitions, expansion of mines already in production as well as development of early-stage projects, said Jerry Jiao Jian, who took the helm from Andrew Michelmore a month ago.
“Our goal is still the same,” he said in an interview with the South China Morning Post. “We try to develop ourselves to be among the top mid-tier miners by 2020.”
“When we say we will maintain our business model and strategy, it also means we will maintain the quality of our operations and our team.”
We do not draw a line between China and the outside world [when it comes to talent scouting]. Within MMG, we already have Chinese managers who have been in Australia for a long time, besides mining talent from Brazil, Canada and South Africa
Jiao said MMG considers firms with market capitalisation of US$10 billion to US$15 billion to be “mid-tier” players, which include Chilean copper miner Antofagasta, Canada-based coal and metals producer Teck Resources and gold miner Newmarket Gold.