MMG counts China Minmetals as a major shareholder and possibly one of its best weapons.
Thanks to that shareholder's patience and understanding of Chinese base metals demand MMG was able to develop the Las Bambas open cut copper mine in Peru and the Dugald River underground zinc mine in northern Queensland at times when very few were developing projects.
Had it tapped the Australian market like other Australian miners it would have been left waiting to get funds along with everyone else while demand for those metals languished.
That would mean that when the market turned it would have then found itself among the crowd scrambling to get materials and contractors to build its projects and facing all the cost implications that means.
Working counter cycli...