Latest news with #MMGLtd
Bloomberg
5 days ago
- Business
- Bloomberg
Peru Says Large-Scale Informal Copper Mining Exists And Could Grow
Peru's government is acknowledging for the first time the existence of large-scale informal mining of copper, warning that high prices could see the activity grow in the near future. The government is on alert for large artisanal mining of copper, especially in an area where mineral rights belong to the Las Bambas mine run by China's MMG Ltd., Energy and Mines Minister Jorge Montero told foreign media in Lima on Tuesday.
Bloomberg
31-03-2025
- Business
- Bloomberg
MMG Seeks to Reassure Investors Amid Peru ‘Illegal' Copper Boom
Chinese-owned metals producer MMG Ltd. attempted to reassure investors about its prospects in Peru, saying a surge in 'illegal' mining activity in the country isn't affecting its copper production or development plans. The company — a unit of state-owned China Minmetals Corp. — shared concerns with the Peruvian government about a 'significant increase in illegal mining activity,' MMG said in a March 31 post on its website. The firm's shares in Hong Kong fell as much as 6.1% on Monday, more than most peers.
Bloomberg
06-03-2025
- Business
- Bloomberg
China's MMG Halts New Congo Plant After One Year on Cobalt Slump
A Chinese state-controlled mining company mothballed a cobalt processing plant in the Democratic Republic of Congo only 15 months after opening it due to a historic slump in the price of the battery metal. MMG Ltd. said it suspended operations at its new facility at the Kinsevere mine in December 2024 due to 'unfavorable cobalt market conditions.' The government of Congo – which dominates production of the material used in electric vehicles – introduced a surprise four-month export ban last week to rein in oversupply and assert more control over the metal's price.
Reuters
18-02-2025
- Business
- Reuters
Anglo American to sell nickel business for up to $500 million
Feb 18 (Reuters) - Anglo American (AAL.L), opens new tab said on Tuesday it will sell its nickel business to a unit of Hong Kong-listed MMG Ltd ( opens new tab for up to $500 million, as part of a broader restructuring aimed at refocusing its operations on copper and iron ore mining. The deal comprises an upfront cash consideration of $350 million at completion, the potential for up to $100 million in a price-linked earnout and a contingent cash consideration of $50 million linked to an investment decision for development projects related to the nickel business, Anglo American said. In September, Anglo American said it had hired financial advisers to sell two nickel mines in Brazil. The assets together produce about 38,000 tons of nickel per year. London-listed Anglo American in May rebuffed a $49 billion hostile bid from the world's biggest miner BHP ( opens new tab, which was focused on Anglo's copper assets.
