Chinese firm muscles into local copper

Khoemacau operations
Khoemacau operations

China’s global hunt for copper, a keenly sought-after metal in the energy transition, this week shifted to Botswana as MMG, a Chinese mega-firm with state-owned shareholding, snapped up Khoemacau for $1.88 billion (P25.2 billion).

The deal is the biggest private sector acquisition to date in the local market and gives MMG access to a top-producing asset in the rich but underdeveloped Kalahari Copperbelt. The sale, which is expected to close in the first half of 2024, is subject to certain conditions precedents and approvals.

In determining the consideration, MMG made references to Khoemacau’s mineral resources, the proposed expansion of production capacity, the mine plan, and development rates, tailings management, ESG factors, and in-house valuation.

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