China's Minerals and Metals Group (MMG) posted a profit after forming an entity which was based on assets of Australia's OZ Minerals.

MMG bought over the assets of OZ by spending A$1.47 billion.

The company saw net profit of A$197.2 million for the last seven months of the last year. The company said that this has been possible because of the rising commodity prices. And that is precisely the reason why it expects that
2010 will be even better.

It also posted revenue of A$ 929.9 million for the above mentioned period and saw a total EBITDA of A$382.2 million.

MMG bought the assets when OZ Minerals faced dramatic effects of the recession and was on the verge of bankruptcy.

Despite going for major restructuring, the Australian company failed to pay dividends and faced an annual loss of $512 million.

As the things continued to get worse, the company was forced to sell off its assets which were then taken over by the Chinese zinc producer.

And now the is news that MMG's parent company is planning to list 25 per cent of its stake in Australia.

Minmetals Non-ferrous Metals Co. is MMG's parent company.