MMG expects $400M net profit in H1 2021 compared to $158M loss a year ago
(Kitco News) - Yesterday, China’s MMG informed its shareholders and potential investors that the company is expected to record a net profit after tax attributable to equity holders for the half year ended 30 June 2021 (H1 2021) of approximately US$400 million.
This compares to the net loss after tax attributable to equity holders of US$158 million recorded for the half year ended 30 June 2020 (H1 2020).
The company said that the expected H1 2021 result represents an improvement in underlying operating conditions from H1 2020 with higher commodity prices and the drawdown of stockpiled copper in concentrate from Las Bambas over the period.
Headquartered in Melbourne, Australia, MMG is a mid-tier, global producer of base metals including copper and zinc. The company is listed on the Hong Kong Stock Exchange (HKEx: 1208) and operates and develops copper, zinc and other base metals products across Australia, the Democratic Republic of the Congo and Peru. The major shareholder of the company is China Minmetals.