MMG Says Profits Up in Half-Year Report

MMG Limited (HKEX:1208) has reported its interim financial results for the first half of the year, detailing a net profit after tax of US$188.8 million.

According to the release, net debt was reduced by US$642.9 million, as a result of higher commodity prices and a continued focus on cash free generation.

Across all operations, MMG produced over 265,000 tonnes of copper and over 105 tonnes of zinc in the first half of the year.

MMG CEO Geoffrey Gao said:

“The successful ramp-up of Dugald River, higher realized commodity prices and our continued focus on group-wide efficiencies have contributed to a good financial result for the first half.  Since the beginning of the year we have achieved commercial production at Dugald River, further simplified and optimized our asset portfolio by agreeing the sale of Sepon, and continued to focus on reducing debt.”

Click here to read the full MMG Limited (HKEX:1208) press release.