One of the continent’s biggest copper mines is changing hands in a US$1.88 billion deal.
The Khoemacau copper mine, located on a 4 040 km² tenement in north-west Botswana on the Kalahari Copper Belt, is Africa’s 10th-largest copper mineral resource by total contained copper, reports Mining Technology.
The mine has an annual production capacity of almost 60 000 tons of copper and nearly 2 million oz of silver, but has significant potential to ramp up production to about 145 000 tons a year from 2029 until the end of its initial 27-year life.
China’s Resources MMG, through its subsidiary MMG Africa Ventures, is acquiring the entire issued share capital of the mine’s Canada-based parent company, Cuprous Capital, which in turn is majority owned by Cupric Canyon Capital.
‘The acquisition of Khoemacau mine is an important step in achieving our vision of creating a leading international mining company for a low-carbon future and will create meaningful long-term value for our shareholders,’ says MMG chairman Jiqing Xu.
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