MMG: CEO Resignation and Appointment

MMG Limited (MMG) today announced the resignation of Cao Liang as Chief Executive Officer. Mr Cao is leaving MMG to take up the role of President of China Minmetals Nonferrous (Minmetals International), based in Beijing. Zhao Jing Ivo, currently the Executive General Manager Americas will replace Cao Liang with changes effective 12 April 2025.

MMG Chairman Xu Jiqing said:

“Cao Liang has contributed strongly to the success of MMG having driven production and profit growth and delivered an improved capital structure over the past year. He has also maintained a sharp focus on the growth and diversification of the broader portfolio through the expansion of existing operations, the successful integration of the Khoemecau asset, and more recently, the acquisition of the Nickel Brazil business. He leaves MMG in a stronger position and his new role with China Minmetals will ensure that he can continue to actively contribute to the future success of Company.”

“Ivo brings to his new role of CEO over 20 years of experience in international management including five years at our largest asset Las Bambas. He has been instrumental in driving an operational turnaround marked by higher production and an improvement in stakeholder relations which have enabled us to commence the development of the Chalcobamba pit. Ivo’s strong leadership will ensure he can continue to drive this next exciting phase of the Company’s growth as we look to integrate the Nickel Brazil assets and expand our existing portfolio.”

Mr Cao Liang

Mr Cao, aged 44, was appointed as the CEO and an Executive Director of the Company on 24 April 2024. He was previously the Vice President of China Minmetals Nonferrous Metals Co., Ltd. and the Vice President/Chief of Staff of Minera Las Bambas S.A. at the Company. He has a Bachelor’s Degree in Resources Engineering and a Master’s Degree in Mining Engineering from the University of Science and Technology Beijing in China. Mr Cao has nearly 20 years’ experience in international mining investment and strategy. He also has a deep understanding of international mining project management and mine operations. Further, he has collaborated with and has had experience with different stakeholders in China, Peru and Australia. Mr Cao has participated in mining acquisitions and divestments and mining project construction for China Minmetals Nonferrous Metals Co., Ltd. and MMG.

Mr Zhao Jing Ivo

Mr Zhao, aged 41, was appointed as the Executive General Manager Operations – Americas of the Company with effect from 1 September 2024 following the appointment as the Interim Executive General Manager Operations – Americas on 31 May 2024. He was the Vice President of Sustainability & Corporate Affairs of Minera Las Bambas S.A., a non-wholly owned subsidiary of the Company from 2022 to 2024. Mr Zhao was the Deputy Director of the International Cooperation Division of China Minmetals Corporation from 2020 to 2021. He has nearly 20 years extensive practical experience in international management and is proficient in dealing with stakeholder relations in the mining industry. Mr Zhao holds a Bachelor’s Degree in Spanish Language from the Beijing Language Culture University and a Master’s Degree in Business Administration from Université du Québec à Montréal.