MMG lifts Rosebery concentrate sales cap to $125m for 2025

MMG Limited has increased the annual cap for its Rosebery Concentrate Sales Agreement with Minmetals North-Europe for the financial year ending December 31, 2025, from the previously estimated $100 million to $125 million. This 25% revision is primarily attributed to higher-than-expected copper, gold, and silver prices. The original cap was determined based on estimated volumes, forecast assays, and commodity prices at the time of the 2023 announcement.

The Rosebery Concentrate Sales Agreement, involving the sale of precious metals concentrates from MMG's Rosebery Mine in Tasmania, Australia, constitutes a continuing connected transaction. Minmetals North-Europe is a wholly-owned subsidiary of CMC, MMG’s ultimate controlling shareholder, making it a connected person under listing rules. The revised annual cap has been approved by MMG's directors, excluding interested parties.

Due to the revised annual cap, MMG is re-complying with reporting and announcement requirements under Chapter 14A of the Listing Rules. As the relevant percentage ratios for the revised cap are between 0.1% and 5%, the transaction is subject to reporting, annual review, and announcement requirements but is exempt from independent shareholders' approval.