Update: 2015 – a year of two halves
EBITDA rising 3% y-o-y to US$376m, against a 7% drop in revenue. In addition to the cost-cutting initiatives, the depreciation of the Australian dollar has helped the company to keep costs in check and supported profitability as EBITDA margin reached 34%. That said, the downward pressure on the commodity prices has led us to revise down MMG’s FY15/16 earnings estimates and valuation.MMG is an investment holding company, engaged in the exploration for mineralization, development of mining projects and the mining, processing and production of copper, zinc, lead, gold and silver. Co.'s segments include: Sepon, an open-pit copper mining operation; Kinsevere, an open-pit copper mining operation; Century, an open-pit zinc mining operation; Rosebery, an underground polymetallic base metal mining operation; Golden Grove, an underground and open-pit base and precious metals mining operation; Las Bambas Project, a development project with prospective exploration options; and Other, which includes exploration and development projects and other corporate entities.
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