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Base-metals miner controlled by China Minmetals, operating copper and zinc mines in Peru, DRC, Laos and Australia.
Base-metals miner controlled by China Minmetals, operating copper and zinc mines in Peru, DRC, Laos and Australia.
Sells copper and zinc concentrate to smelters under contracts priced off London Metal Exchange benchmarks less processing charges, so earnings follow metal prices and the volume of ore shipped. Las Bambas in Peru is by far the largest mine, bought in 2014 by a consortium that MMG led.
In one line: A China-Minmetals-controlled global base-metals miner.
Moat: none (scale). Owns large mines but has no pricing power over commodity copper/zinc prices.
Headquarters: Melbourne, Australia / Beijing, China · Founded: 1988 · Employees: 5,516
Size MMG (1208.HK) is a Hong Kong Materials company (Other Metals/Minerals) with a market value of $11.2B, the 156th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.83 on 6 Nov 2026.
Performance Over six months the shares fell 27.2%, against -23.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 48.1% over the last twelve months (peer median +28.2%); the operating margin is 43.5% (peer median 14.9%).
Valuation It trades at 6.3× forward earnings against a peer median of 12.9× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.9 points above its cost of capital (9.6% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$62.0B | HK$48.5B | HK$35.0B | HK$34.0B | HK$25.5B |
| Revenue growth | — | +39% | +3% | +34% | — |
| Gross profit | HK$30.8B | HK$20.9B | HK$11.1B | HK$6.66B | HK$7.94B |
| EBITDA | HK$36.5B | HK$26.9B | HK$16.7B | HK$11.9B | HK$12.2B |
| Net income | HK$8.34B | HK$3.97B | HK$1.26B | HK$70.5M | HK$1.35B |
| Free cash flow | HK$18.2B | HK$10.8B | HK$2.67B | HK$5.50B | HK$37.6M |
| Capital expenditure | HK$9.46B | HK$8.43B | HK$7.24B | HK$6.19B | HK$4.43B |
| Total debt | n/a | HK$29.7B | HK$37.1B | HK$37.9B | HK$43.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MMG 1208.HK | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% |
| Jiangxi Copper 0358.HK | $14.3B | -36% | +22% | 4% | 4.7× | n/a |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Antofagasta ANTO.L | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1208.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.8% | -15.6% | 8th lowest of 21 |
| 6-month return | -27.2% | -23.2% | 9th lowest of 21 |
| Distance from 52-week high | -42.9% | -46.1% | 9th highest of 21 |
| Revenue growth (TTM) | +48.1% | +28.2% | 8th highest of 21 |
| Operating margin | 43.5% | 14.9% | 2nd highest of 21 |
| Forward P/E | 6.3× | 12.9× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -11.3% | 7.4% | least demanding of 13 |
| Growth delivered (Del g) | +15.6% | +13.9% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | -26.9 pp | -1.9 pp | least demanding of 13 |
| ROIC minus cost of capital | +11.9 pp | +2.0 pp | 3rd highest of 21 |
| EV / EBITDA | 3.4× | 13.2× | cheapest of 11 |
| Net debt / EBITDA | 0.2× | 0.6× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Jiangxi Copper 600362.SS | China | $14.3B | -29% | +14% | 4% | 7.2× | n/a | n/a |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |