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Annual Report 2016

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Annual Report 2016 ANNUAL REPORT 2016 HKEX: 1208 ASX: MMG 02 CHAIRMAN’S REVIEW 04 CHIEF EXECUTIVE OFFICER’S REPORT 07 RESOURCES AND RESERVES 19 MANAGEMENT DISCUSSION AND ANALYSIS 37 DIRECTORS AND SENIOR MANAGEMENT 42 DIRECTORS’ REPORT 58 CORPORATE GOVERNANCE REPORT 68 ENVIRONMENTAL, SOCIAL AND GOVERNANCE APPROACH AND PERFORMANCE 71 INDEPENDENT AUDITOR’S REPORT 77 FINANCIAL STATEMENTS 146 GLOSSARY IBC CORPORATE INFORMATION Cover: Local employee from the Province of Cotabambas pictured at the Las Bambas concentrator plant. At MMG we mine for progress. Our vision is to build the world’s most respected diversified base metals company. A long-term outlook, our pride in mining, our commitment to international standards and our respect for people, land and culture underpin our success. 2 CHAIRMAN’S REVIEW The appointment Dear Shareholder support from its major shareholder. The Company actively optimised its of former Chairman I would like to extend my heartfelt portfolio, improved its operational Mr Jerry Jiao as the thanks to shareholders for their efficiencies, and set the stage for support of MMG. greater, more rapid growth, with its new CEO demonstrates international operational experience, On behalf of the Board, I present high-quality assets, diversity of the Board’s strong the Company’s 2016 annual report customers and outstanding people desire to ensure the to shareholders. achieving the promises made to the continuity of MMG’s MANAGEMENT AND market and shareholders. BOARD CHANGES unique and successful The achievement of commercial business model. In February 2017 we announced the production at Las Bambas in July and appointment of a new Chief Executive a focus on cost reductions across the Officer, changes to the Board of organisation contributed to revenue Directors and I was appointed growth, which was 28% higher at Chairman. The appointment of US$2,489 million. Earnings before former Chairman Mr Jerry Jiao as the tax, depreciation, amortisation and new CEO demonstrates the Board’s impairment (EBITDA) were 126% strong desire to ensure the continuity higher at US$949 million. Total copper of MMG’s unique and successful sale volumes were 139% higher than business model. Mr Shuqiang Zhang, in 2015 due to the contribution of currently the General Manager of Las Bambas and continued strong the Finance Department of China production at Kinsevere. Primary Minmetals Corporation, was also copper production exceeded 500,000 appointed to the Board. These tonnes, the largest for Asia. This result appointments highlight the continuing was impacted by lower production and increasing importance of MMG at Sepon as well as Golden Grove, to major shareholder China Minmetals where we implemented a strategic Corporation (CMC). We have a throughput reduction. stronger and more complementary mix of skills on the Board and During the past year we were focused I feel a weight of responsibility on actively advancing our major and commitment to deliver to all project at Las Bambas. Las Bambas shareholders. I express my full support was successfully constructed and and great confidence in Mr Jerry Jiao ramped up on schedule and budget, and my heartfelt thanks to former with commercial production reached CEO Mr Andrew Michelmore for his in July. While we have experienced significant contribution to MMG. some community disruptions along our logistics corridor, we have OUR PERFORMANCE optimised the operation and are focused on building on strong While 2016 was a year of challenges relationships with government and for commodities, the price for copper communities along the transportation and zinc started to improve by year’s corridor. We continue to be end. More importantly the Company committed to social development and has become a leading international active dialogue with the communities mining company with strong in which we operate. Top left: Packing copper cathodes at Kinsevere. 3 Top right: Construction of the plant is underway at Dugald River. Bottom: MMG’s Chairman, Mr Guo Wenqing. As part of our portfolio management strategy, in December we entered into a conditional share sale agreement with EMR Golden Grove Holdings Pty Ltd, an entity owned by EMR Capital, for the purchase of MMG Golden Grove Ltd for US$210 million. Golden Grove has strongly contributed to MMG while part of the broader Australian operations portfolio and the site is now in the hands of an experienced operator with strong ties to the mining industry in Western Australia. In November, we launched a Rights Issue to raise over US$500 million. The offer was significantly oversubscribed by approximately 6.5 times, when including excess applications, demonstrating investor confidence in being part of MMG’s continuing success. The proceeds raised will be used to strengthen our balance sheet and fund the development of the Dugald River project. COMMITMENT TO STRATEGY one of the world’s top mid-tier miners STRENGTHENING POSITION by 2020. OF THE MAJOR SHAREHOLDER, Metal prices have stabilised into CHINA MINMETALS CORPORATION 2017 and we are seeing positive I thank our Shareholders, our signs from the market. This year the There have also been some important communities and our partners for Company will continue to focus on changes within the Company’s major your great support and I express my safety, volume and cost, including shareholder during 2016, following sincere appreciation for the invaluable seeking further operating efficiencies a strategic merger with China contribution made by all our across the business and delivering Metallurgical Group. The larger group, employees. the Dugald River project on schedule. a combination of two Fortune 500 Your board is confident in the companies, aims to become a Chinese future and committed to continued leader and world class metals mining Company growth. group. MMG’s role as China Minmetals Corporation’s flagship platform for I look forward to leading the Board overseas development is increasingly and supporting the MMG team to GUO Wenqing important. The major shareholder will find new growth opportunities as Chairman continue to fully support the Company we mine for progress and seek to as it continues to strengthen and grow deliver superior returns for all of our rapidly to a leading position in the Shareholders. We remain committed global mining industry. to our objective of being valued as 4 CHIEF EXECUTIVE OFFICER’S REPORT Dear Shareholder, SAFETY our guidance range of 415,000 to 477,000 tonnes for the year. This Key to our culture is safety, it is our At MMG, one of our values is result was predominantly driven by first value. While we have made ‘We do what we say’ and 2016 has the strong production at Las Bambas. been a year of delivering on our significant progress in reducing our promises. We successfully completed, total recordable injury frequency Las Bambas’ progress towards steady commissioned and ramped up one of (TRIF) tragically in 2016 two of our state production has been remarkable the wold’s largest copper mines, Las colleagues lost their lives in separate and it has already delivered two Bambas. We also started construction accidents at Las Bambas. consecutive quarters of production of the Dugald River Project which is above design capacity. The operation In July Felipe Leon Chavez, who expected to be a global top 10 zinc produced 330,227 tonnes of copper was employed through our logistics mine when in production. in copper concentrate in 2016 contractor Transaltisa died following significantly exceeding its guidance a road incident in Peru’s Cotabambas Following the announcement of range of 250,000–300,000 tonnes. province. In December Henri Aldana Andrew Michelmore’s resignation The challenges associated with the Chanca who was employed through as CEO and Executive Director on ramp-up of an asset of this scale were our contractor Serpetbol was fatally 15 February 2017, I am excited to exceptionally well managed. accept the offer to become MMG’s injured by an uncontrolled release of next Chief Executive Officer. I am also water under pressure while working In 2016 MMG’s production profile pleased that Andrew will continue in the tailings thickener area of the continued to shift from zinc to with MMG through to 1 July this year concentrator plant. The thoughts copper following the end of mining to provide ongoing advice and assist of everyone at MMG are with their and processing at Century and the in the leadership transition. families, friends and all those who commissioning of Las Bambas in the knew and miss them. first half. Zinc production at 119,575 tonnes was slightly below our guidance Both accidents serve as a reminder range of 120,000–135,000 tonnes. that we must continue to hold safety above all other objectives We are committed to growing our I offer my personal and priorities. These sad events zinc exposure at a time of declining thanks to Andrew for overshadowed a year in which we global supply. In June we confirmed his faith in pursuing saw strong reductions in our injury our support for the Dugald River rates across the organisation. MMG Project. The construction of Dugald our shared vision from operations ended 2016 with a River remains on target with almost the time we met in TRIF of 1.90 for the full year which half of the project now completed. represents an average 9.6% year- Production of first concentrate is 2009 when we first on-year reduction in injury rates expected in the first half of 2018. discussed establishing since the end of 2012. The lost time injury frequency was 0.52 for the full COSTS MMG. Our strategy year 2016. has not changed. Ongoing volatility and softer demand VOLUME for our key commodities for much Our unique model of of 2016 continued to challenge our international experience 2016 was a milestone year for earnings. Throughout the year we our Company.
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