Minmetals Resources 2011 Annual Report – Focus, Progress, Potential

MELBOURNE, April 26, 2012 /PRNewswire-Asia/ -- Minmetals Resources Limited (MMR) (Stock Code 1208.HK) is pleased to release its full Annual Report for the year ended 31 December 2011.

This follows the announcement of the Company's financial results on 28 March 2012.

Chief Executive Officer Mr Andrew Michelmore said "We maintained a focus in 2011 on extracting value from our core mining assets, completing our business transformation, progressing our projects portfolio and delivering on the potential of our growth strategy."

Highlights for 2011 included:

• Strong operating results and higher commodity prices resulting in full year Net Profit After Tax attributable to equity holders of the Company of US$540.9 million.
• Increase in the Group's total diluted earnings per share of 18% to US 10.71 cents.
• Production and costs within revised annual guidance at all operating mines.
• An improvement in the Total Recordable Injury Frequency Rate (TRIFR) of 4.1 per million hours worked compared to 4.8 in 2010; however the Lost Time Injury Frequency Rate (LTIFR) was 0.6, a disappointing increase compared to 0.4 in 2010.
• Completion of the US$726.8 million divestment of the aluminium, trading and other non-core operations to China Minmetals Non-ferrous Metals Co. Ltd.
• Board approval of a further A$157 million in expenditure towards progressing the Dugald River zinc project in Queensland, Australia.
• Announcement, and subsequent completion in March 2012, of a C$1,330 million acquisition of Anvil Mining Limited, delivering expansion into the southern African copper belt.
• Increases in Mineral Resources and Ore Reserves including the 104% increase in zinc Ore Reserves due to the inclusion of Dugald River.

To view the full report online please visit: http://mmg2011ar-en.interactiveinvestor.com.au

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