|By PR Newswire||
|April 13, 2014 07:32 PM EDT||
HONG KONG, April 13, 2014 /PRNewswire/ -- MMG Limited (MMG) (HK.1208) today announced that, through a joint venture with a wholly owned subsidiary of Guoxin International Investment Corporation Limited, a financial investment company registered in Hong Kong (GXIIC), and CITIC Metal Co., Ltd. (CITIC), it has entered into a Share Purchase Agreement (SPA) with GlencoreXstrata to acquire the Las Bambas copper project in Peru for US$5.85 billion.
Unique opportunity to acquire a world-class copper asset with prospective, near mine exploration opportunities
Powerful consortium – led by MMG
Transformational acquisition that delivers on MMG's growth strategy and vision
"This is a transformational acquisition for MMG," MMG Chief Executive Officer Mr Andrew Michelmore said.
"We are pleased to lead this joint venture and establish a strong platform in one of the world's most prospective mineral precincts. Our investment in this project of national importance is the first step in what we see as a long-term relationship with Peru."
"The addition of Las Bambas to MMG's international portfolio delivers on our growth strategy and vision – to build a global diversified minerals and metals company and create opportunities for all stakeholders – including our shareholders, employees and communities," he said.
"This acquisition is consistent with China Minmetals' vision for MMG as its international investment platform for base metals projects," Mr Michelmore said.
"MMG has the ability to add value to the asset through its operating strength, progressive leadership, commitment to world-class standards and unique partnership with its major shareholder."
The transaction consideration and the remaining project capital costs are to be fully funded using a combination of equity and long-term debt facilities from a banking syndicate to be arranged by China Development Bank (CDB).
The SPA is subject to customary regulatory approvals from the People's Republic of China and Peru, and the approval of MMG shareholders. A transaction circular together with a notice of an extraordinary general meeting to approve the transaction is expected to be dispatched to MMG's shareholders on or before 30 June 2014. MMG's majority shareholder, CMN, has irrevocably committed to vote in favour of the transaction.
"China Minmetals is proud to be supporting MMG in the development of this significant project," China Minmetals Corporation President Mr Zhou Zhongshu said.
"The acquisition of Las Bambas is an important milestone for outbound Chinese investment in the global resources industry and also for our partners GXIIC and CITIC," he said.
MMG anticipates that the transaction will be completed in the third quarter 2014.
Las Bambas, located in Cotabambas, Apurimac Region, Peru is one of the world's largest copper projects under construction with a 10.5 million tonne copper Mineral Resource (0.62% Cu grade) and 6.9 million tonne copper Ore Reserve (0.73% Cu grade). Las Bambas is expected to operate for over 20 years with upside potential from associated unexplored tenements.
"Las Bambas is expected to produce in excess of 2 million tonnes of copper in concentrate in its first five years of operation," Mr Michelmore said.
"We also believe there are opportunities to extend the existing resource and mine life as a significant proportion of the licence area is currently unexplored."
After an extensive due diligence process, MMG will provide an update on the project schedule and future capital expenditure requirements upon transaction completion.
The project has an excellent development team in place and we value their experiences and knowledge of the project," Mr Michelmore said.
"Our goal is to effect a smooth transition of ownership without a disruption to project development, and we look forward to working closely with the existing team to bring Las Bambas into production," he said.
The development of this world-class asset will deliver material benefits through the payment of taxes and royalties, training and employment, contract and supply opportunities and social investment over its operating life.
"Over the past two years of construction, Las Bambas has been an important contributor and employer to the local region and economy. We will seek to maintain and strengthen this relationship in the coming years," said Mr Michelmore.
The joint venture partners will assume responsibility for project capital expenditure from 1 January 2014.
MMG is a leading international miner, listed on the Hong Kong Stock Exchange (HK.1208) with operations in Australia, Africa and Asia. As one of 21 members of the International Council on Mining and Metals (ICMM), MMG is committed to operating to world-class standards in safety, health, environment and community management.
MMG will host a teleconference at 9.30am Hong Kong time on Monday 14 April 2014. For further details please contact Investor Relations or Media Relations.
Lead joint financial advisers to MMG on behalf of the JV consortium are Citigroup and Bank of America Merrill Lynch supported by financing advisors BOCI Asia Limited and ICBC International Capital Limited. MMG's legal advisors are White & Case, Dentons and Rodrigo, Elias & Medrana. MMG's major shareholder China Minmetals Non-ferrous Metals Co. Ltd, was advised by Deutsche Bank.
 Including the payment of intragroup loans.
 GlencoreXstrata Reserves and Resources Statement as at 31 December 2013.
 GlencoreXstrata Reserves and Resources Statement as at 31 December 2013.
SOURCE MMG Limited
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 27, 2014 07:45 PM EST Reads: 2,032
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
Dec. 27, 2014 07:00 PM EST Reads: 2,241
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Dec. 27, 2014 04:00 PM EST Reads: 1,898
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Dec. 27, 2014 02:00 PM EST Reads: 1,989
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 27, 2014 01:30 PM EST Reads: 1,864
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Dec. 27, 2014 12:45 PM EST Reads: 1,742
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Dec. 27, 2014 12:30 PM EST Reads: 2,478
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Dec. 27, 2014 12:30 PM EST Reads: 1,969
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Dec. 27, 2014 12:00 PM EST Reads: 2,714
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 27, 2014 12:00 PM EST Reads: 1,811
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 27, 2014 12:00 PM EST Reads: 2,392
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Dec. 27, 2014 11:30 AM EST Reads: 2,549
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 27, 2014 11:00 AM EST Reads: 1,969
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 27, 2014 11:00 AM EST Reads: 7,188
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Dec. 27, 2014 11:00 AM EST Reads: 2,161