MMG's new copper means a proper metamorphosis

The acquisition of Glencore Xstrata’s Las Bambas copper mine is a transformational deal -- for MMG, for the seller and for China’s commodities dreams.

For nearly five years Andrew Michelmore has demonstrated discipline and patience but the $US6.25 billion acquisition of Glencore Xstrata’s Las Bambas copper mine at the weekend will make the former WMC Resource chief executive’s MMG group a serious player in the base metals sector.

MMG was, of course, formed from the bulk of Oz Minerals assets that were acquired by China’s state-owned Minmetals group in 2009 when Oz Minerals was in the hands of its bankers.

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