MMG's half-year loss doubles as COVID-19 hits commodity prices
2020-08-20 10:49:40 [Print]
Australia-based copper miner MMG Ltd. said on Wednesday its half-yearly loss nearly doubled as the COVID-19 outbreak hit commodity prices and sales, but said economic recovery in China should lead to a stronger second half.
The Hong Kong-listed company posted a half-yearly loss attributable to shareholders of $158 million, compared to an $81 million loss reported last year.
The company said the current difficult situation is temporary and was upbeat about the outlook for second-half of the year on the basis of expected demand from top copper buyer China.
In April this year, the company withdrew its 2020 production guidance for the Las Bambas copper mine in Peru, among the world's biggest, citing coronavirus-related headwinds.
The Hong Kong-listed company posted a half-yearly loss attributable to shareholders of $158 million, compared to an $81 million loss reported last year.
The company said the current difficult situation is temporary and was upbeat about the outlook for second-half of the year on the basis of expected demand from top copper buyer China.
In April this year, the company withdrew its 2020 production guidance for the Las Bambas copper mine in Peru, among the world's biggest, citing coronavirus-related headwinds.
Copper Conc. TC 25%min CIF China
Unit:USD/mt
China copper concentrate producers' suspension number statistics by province by month
Unit: pcs
