Central SOEs

MMG Limited

Melbourne, Australia/EST. 2009/CopperCobalt

2

Projects

2

Countries

2

Alliances

2

ESG Flags

HEADQUARTERSMelbourne, Australia
ESTABLISHED2009
OVERSIGHTCentral SASAC
MINERALS
COPPERCOBALT

Fortune Global 500 central SOE operating internationally through Hong Kong-listed MMG Limited, headquartered in Melbourne. Projects 'Western' corporate face while retaining state control.

68% ownership of MMG LimitedSovereign-backed financial securityPolicy bank support from CDB/Eximbank

Leadership Structure

Chairman

Mr CAO Liang

Mr CAO Liang

Chairman

Executive Leadership

Zhao Jing (Ivo)

Zhao Jing (Ivo)

CEO of MMG (Apr 2025)

Senior Executives

Mr ZHANG Shuqiang

Mr ZHANG Shuqiang

Non-executive Director

Dr Peter William Cassidy

Dr Peter William Cassidy

Independent Non-executive Director

Mr LEUNG Cheuk Yan

Mr LEUNG Cheuk Yan

Lead Independent Non-executive Director

Mr CHAN Ka Keung, Peter

Mr CHAN Ka Keung, Peter

Independent Non-Executive Director

Ms CHEN Ying

Ms CHEN Ying

Independent Non-Executive Director

Mining Operations

1Botswana1DRC

Botswana

1 OPERATION

Khoemacau Copper Mine

Kalahari Copper Belt

2024$1.9B

Major strategic acquisition in 2024 for ~$1.9B enterprise value. Diversifies risk profile away from DRC into higher credit rating jurisdiction.

Copper1 PARTNER
Joint venture withMinmetals

DRC

1 OPERATION

Kinsevere Mine

Katanga

2012

Mature copper asset with Kinsevere Expansion Project (KEP) transitioning from oxide to sulphide ores. Adding cobalt processing with $600M investment for ~20k tonnes cobalt hydroxide/year.

CopperCobalt1 PARTNER
Joint venture withMinmetals

ESG Profile

High
1
Medium
1
HighSafety2023

Two contractor workers killed at MMG's Dugald River mine after vehicle falls into stope

On 15 February 2023, two Barminco contractor workers — Dylan Langridge (33) and Trevor Davis (36) — were killed at MMG's Dugald River zinc mine in Queensland, Australia, after the ground collapsed beneath their light vehicle, sending it plummeting 125 metres into a stope void. A nearby drill rig operator narrowly escaped the same fate. Preliminary investigations pointed to insufficient void management following bogging operations on the level below. Underground mining was suspended for 34 days. The incident pushed MMG's Total Recordable Injury Frequency Rate (TRIF) up to 1.97 in 2023, from 1.25 in 2022. The fatalities were formally acknowledged in MMG's 2023 Annual Report. Parent contractor Perenti launched a safety transformation taskforce and brought in two external safety experts.

LOC: MultipleSource ↗
MediumEnvironmental2023

Kinsevere acid usage and water contamination concerns

MMG's Kinsevere copper mine in Haut-Katanga, DRC, uses sulphuric acid extensively in its heap leach and solvent extraction process to produce copper cathode. A parliamentary team inspected the mine in 2023–2024 to review compliance with the DRC Mining Code, particularly around community development and environmental standards. Broader regional studies have documented elevated heavy metals — including lead, cobalt, zinc, and cadmium — in surface and groundwater near mining operations in the area. A March 2024 RAID report ("Beneath the Green") specifically examined pollution concerns from DRC mining operations including in Haut-Katanga. Water quality monitoring at Kinsevere is managed by specialist firm Knight Piésold in line with DRC Mining Code requirements, though independent scrutiny remains limited.

LOC: DRCSource ↗

Improvements

Joined UN Global Compact LEAD program
Source ↗
Annual sustainability reports
Source ↗
Community investment in Peru and DRC
Source ↗
Environmental and Social Impact Assessments for Kinsevere expansion

Strategic Alliances

High

Macquarie Group

Key advisor and lender for $1.9B Khoemacau acquisition. Demonstrates MMG's ability to bridge Chinese state capital with Western financial markets.

Financial Advisor
Medium

Gécamines (DRC)

Mandatory partner for Kinsevere operations with 5% carried interest.

Local State Miner