China's MMG to list shares in Australia
SYDNEY Nov 26 (Reuters) - Hong Kong-traded mining group MMG Ltd will list its shares on the Australian bourse next month, opening up the possibility of a future capital raising, the company's chief executive officer, Andrew Michelmore said on Thursday.
"A secondary listing presents an additional market to raise equity in the future," Michelmore said, but added the listing of Chess Depository Instruments (CDI) on Dec. 14 on the Australian Securities Exchange would not lead to any immediate raising.
"We are not going to the market for equity at this point in time, we would look if and when to do that at a later stage," Michelmore said.
MMG led a Chinese consortium that bought the Las Bambas mine project in Peru, set to become the world's third-largest copper producer, for $7 billion from Glencore Plc.
A further $3 billion or so is being spent on construction.
"While our current focus is on delivering Las Bambas, we anticipate strong cash flows from this project and we retain a growth mandate from our major shareholder China Minmetals," Michelmore said. (Reporting by James Regan; Editing by Anand Basu)
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