Chinese-backed miner MMG has snatched a coveted Botswanan copper mine from under the noses of global rivals. Its purchase of Canada-based Cuprous Capital, the company that owns the high-grade (2 per cent) Khoemacau mine, concludes a long search. Despite soaring copper prices, China is determined to secure long-term supplies of a metal crucial to the green energy transition.
Global copper producers have long eyed the mine, which holds one of Africa’s largest deposits. Khoemacau’s flagship project aims to deliver 60,000 tons of copper a year. The deal values Cuprous Capital at an enterprise value of $1.9bn.
MMG is headquartered in Australia but listed in Hong Kong, and its largest shareholder is China Minmetals, which is state-owned.
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