MIM is an Australian-based mining and mineral processing company, diversified in producing copper, coal, lead-zinc-silver and gold in Australia, UK and Argentina.
MIM, led by the board of Directors and Management team, is committed to increasing shareholder returns by pursuing a consistent strategy that is focussed on its core commodities and activities, levering off the company's existing operations and infrastructure and developing new capital efficient operations.
In a major turnaround from the mid-1990's, MIM doubled copper and coal output and reduced unit production costs substantially.
With the company's operating performance greatly improved, high levels of production are being achieved consistently. In the 2002 financial year, when copper and zinc prices were extremely low, MIM increased operating profit before significant items, increased cash flows, and strengthened the balance sheet. Debt and gearing were reduced with gearing attaining the company's target 30% to 35% zone. The result endorses the quality of the company's management and workforce and MIM's widely acknowledged technical strength.
The company is pursuing growth and improved shareholder returns in its three core commodity groups:
Having doubled coal production in five years to 2001, the company is targeting a further doubling to 38 million tonnes a year by 2006. With the emphasis on capital efficiency, MIM plans to expand production at existing Oaky Creek and NCA mines and proposes two new thermal coal mines based on large undeveloped resources held by the company at Rolleston and Wandoan. Production flexibility will be maintained, providing the opportunity to alter output to meet market needs and benefit from margins. Reserves and resources have been increased through exploration in order to meet the needs of high levels of production over the long term.
In September 2002, MIM announced plans for a low cost, capital efficient expansion of copper production at Mt Isa. This followed the publishing of significantly increased copper reserves and resources sufficient to sustain a production rate of 400,000 tpa of copper for up to 20 years. Click here for information releases on MIM Copper Growth - Mount Isa Open Pit.
Exploration and resource definition work point to the potential for extensive underground mining beyond the current plans and ultimately to an open cut. We are also aiming to extend mining life at the Ernest Henry mine which is a significant source of copper-gold concentrate to the Mount Isa smelter.
MIM plans to convert high revenues from its lead-zinc business into profits by reducing the realisation costs - mainly transport, smelting and refining - for its mines and exiting the underperforming European zinc smelters. The company has very large lead-zinc mineral resources at McArthur River and Mount Isa. A feasibility study is being conducted into producing zinc metal on site at McArthur River using MIM's Albion Process technology. This has the potential to make MIM the lowest cost zinc metal producer in the world.
While MIM's strategy of core product diversity provides valuable under-pinning of earnings as prices for various commodities fluctuate, the company remains highly leveraged to metal prices, particularly copper, zinc and lead, and the A$/US$ exchange rate. The total level of A$/US$ currency hedging continues to be reduced.
With strongly performing mining and processing operations, consistent high levels of production, increased mineral reserves and resources, outstanding management, workforce and technologies, and a strengthened financial position, MIM aims to increase shareholder returns and value.
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Ownership
For information about the distribution of shares, substantial shareholders and a listing of the twenty largest registered shareholders, there is a download available.
Share Registry Information
To change your details
If you would like to change or update your address, banking instructions or lodge your tax file number these forms can now be downloaded.
To download click on the form you require below.
Please send completed and signed forms to:
MIM Holdings Limited
Share Registry
GPO Box 1433
Brisbane QLD 4001
Or fax to 07 3214 9280
Principal Share Register
Level 1, Boundary Court
55 Little Edward Street
Spring Hill, Queensland, Australia, 4000.
Telephone: (07) 3214 9299
Fax: (07) 3214 9280
Email: lynn.davis@mim.com.au
Branch Share Register
United Kingdom
Computershare Services plc
PO Box 435 Owen House
8 Bankhead Crossway North
Edinburgh, Scotland EH11 4BR
Telephone: (44) 131 523 6666
Fax: (44) 131 442 4924
Stock Exchanges
Shares are listed on the Australian, New Zealand and Frankfurt Stock Exchanges.
MIM's shares are traded in sponsored American Depository Receipt (ADR) form on the over-the-counter (OTC) market in the United States of America. Each ADR represents two MIM shares. ADR holders receive all information sent to shareholders.
Inquiries about ADR holdings should be made to the:
Bank of New York
22nd Floor
101 Barclay Street
New York N.Y. 10286
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