Minmetals Resources to Acquire MMG

25 November 2010 (Last Updated November 25th, 2010 18:30)

Minmetals Resources, a subsidiary of China Minmetals Non-Ferrous Metals Company (CMN), plans to acquire Minerals and Metals Group (MMG) for $1.8bn from Album Resources. MMG produces zinc, copper, lead, gold and silver through its four operating mines in the Australian states of Queensland

Minmetals Resources, a subsidiary of China Minmetals Non-Ferrous Metals Company (CMN), plans to acquire Minerals and Metals Group (MMG) for $1.8bn from Album Resources.

MMG produces zinc, copper, lead, gold and silver through its four operating mines in the Australian states of Queensland and Tasmania, Western Australia and Laos in South East Asia.

The transaction includes the Century zinc mine and Rosebery zinc, copper and lead mine in Australia as well as the Sepon copper and gold mine in Laos.

MMG also has several other early-stage development and exploration projects in Australia, Indonesia and Canada.

Minmetals will fund the transaction through a combination of cash and shares.