Half Year 2024 MMG Ltd Earnings Call Transcript
Key Points
- MMG Ltd (MMLTF) reported an increase in EBITDA to USD 779 million for the first half of 2024.
- The company successfully acquired the Khoemacau copper mine in Botswana, expanding its portfolio.
- Las Bambas mine generated an EBITDA of $590 million with a 47% EBITDA margin.
- Kinsevere mine turned positive in EBITDA, generating $41 million in the first half.
- MMG Ltd (MMLTF) raised $1,163 million through a rights issue, significantly reducing its debt and financial costs.
- The total recordable injury frequency (TRIF) increased to 2.44 per million hours worked, indicating a rise in safety incidents.
- Las Bambas produced less copper in the first half compared to the same period last year.
- The Dugald River plant experienced an unplanned maintenance shutdown, affecting operations.
- Kinsevere mine's reliance on third-party ore led to higher costs.
- The company's gearing ratio, although improved, still stands at around 45%, indicating significant debt levels.
Thank you. Good morning and good afternoon. Welcome to MMG's 2024 interim results briefing. Presenting today are Mr. Cao Liang, our CEO; Mr. Qian Song, our CFO; and members of the company's Executive Committee. In this presentation, we'll cover MMG's performance highlights for the first half. We'll then detail our financial performance at an asset level and share insights into MMG's strategy and outlook. (Operator Instructions) I will now hand over to Mr. Cao Liang. Thank you, Andrea.
Hello, everyone. Thank you very much for attending today's meeting. I'm very pleased to share with you MMG interim results.
Firstly, safety performance. Safety is our core value. Our commitment is that every employee and contractor across our organization will go home safely every day. For the first half of this year, we recorded a total recordable injury frequency, TRIF, of 2.44 per million hours worked. This is an increase compared to last year. The
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