Chinese state majority firm, MMG, has finalised its $1.7 billion (P23.2bn) purchase of Khoemacau Mine, officially breaking into the country’s base metal sector.
In a statement on Monday, MMG’s interim CEO and executive director, Li Liangang, said the completion became effective on March 2022 after the finalisation of all conditions agreed to with former owners, Cuprous Capital Ltd.
He said the acquisition adds a “high-quality, transformational growth project to the MMG’s portfolio and marks a significant milestone in the company's history”.
The board chair added that in accordance with the agreement, MMG also advanced an aggregate amount of approximately $348.6 million to settle certain debt balances of Cuprous Capital Ltd.
Formed in 2009, MMG operates and develops copper, zinc and other base metals projects across Australia, the Democratic Republic of Congo and Peru. The Hong Kong-listed firm’s largest shareholder is the state-owned China Minmetals which holds 68% equity.
