MMG Company Acquires Copper Mine in Botswana

By Xinhua 

November 21, 2023

A mine supervisor overlooks Metorox's Chibuluma copper mine, near Kitwe, Zambia. [Photo/ Agencies]

The Hong Kong Stock Exchange-listed company MMG, a global resource miner, announced on Tuesday the acquisition of Botswana’s Khoemacau Copper Mining for an effective enterprise value of 1,875 million U.S. dollars.

This development follows an agreement reached by shareholders of the parent company of Khoemacau to sell 100 percent of their interests to MMG.

“The addition of Khoemacau to MMG’s international portfolio delivers on our growth strategy and vision – to build a global diversified minerals and metals company. Khoemacau has significant expansion potential and we look forward to working with the current team to make Khoemacau’s potential a reality,” said MMG Chairman Xu Jiqing in a statement.

Headquartered in Melbourne, Australia, MMG is listed on the Hong Kong Stock Exchange and has an international shareholder base. China Minmetals Corporation is MMG’s major shareholder.

According to MMG, in the last 12 years, the current shareholders have advanced the Khoemacau project from exploration and discovery to the development of a sustainable, long-life operation, with an investment of 1 billion U.S. dollars made for this development.

Regarding the intended acquisition, Khoemacau Chief Executive Officer Johan Ferreira said “We are excited about Khoemacau’s future with MMG, as they share our vision for expansion and have the capacity to support the significant investment required to realize Khoemacau’s full potential while working with our team.”

However, the sale is subject to certain conditions precedent and approvals and is expected to close in the first half of 2024.