MMG enters into shipping agreement with Minmetals Shipping

The agreement, which runs from 13 January 2015 to 31 December 2015, will require MMG to pay approximately $5m to Minmetals Shipping for the shipping service.

Hong Kong-listed MMG is majority owned by state-run China Minmetals Corporation (CMC), while Minmetals Shipping is a wholly-owned subsidiary of CMC.

“Engaging the services of Minmetals Shipping has the benefit of making additional shipping services available to the company, therefore allowing the company to maximise its delivery options and to consequently both meet its obligations to customers in a timely manner and manage the production schedules and ensure efficient operations of group members,” MMG announced.

MMG is engaged in the exploration, development and mining of zinc, copper, gold, silver and lead deposits globally, while Minmetals Shipping offers ocean transport services for dry bulk cargo, break-bulk and containers.