China Minmetals Finalizes Acquisition of Botswana Khoemacau Copper Mine for $2B

MMG (HKSE: 1208), a subsidiary of mining giant China MinMetals Group, hosted a ceremony to mark the closing of the deal to acquire the Khoemacau Copper Mine in Botswana. Actually, MMG bought out the Khoemacau mine’s parent company, Cuprous Capital, at an estimated price of USD 1.875 million.

MMG placed the acquisition of Khoemacau in its global efforts towards #decarbonization through securing access to #CriticalMinerals needed for the #EnergyTransition. Indeed, other than Khoemacau in Botswana, MMG has also acquired the Chalcobamba mine in Peru and the Kinsevere mine in the Democratic Republic of Congo (DRC).

“Khoemacau is a top-tier operational mine with compelling expansion potential, situated in one of Africa’s most promising mining regions, the Kalahari Copperbelt. This transaction aligns perfectly with our strategy to pursue value-enhancing external opportunities while concurrently driving substantial organic growth across our existing operations.”

China MinMetals Group Chairman XU Jiqing

The Khoemacau copper mine is situated in the Kalahari #Copperbelt, which stretches from Western Namibia to North-West Botswana, and is as famous as the Central African Copperbelt spanning Zambia and DRC. The Khoemacau mine has reserves of over six million tonnes of #copper ore spread over an area of more than 4,000 square kilometers.

The negotiations for the acquisition were first made public in November 2023, and now MMG is moving toward financial close. MMG is listed on both the Australian and Hong Kong Stock Exchanges.