On November 21, the Hong Kong Stock Exchange-listed company MMG, a global resource miner, announced its acquisition of Botswana’s Khoemacau Copper Mining for an effective enterprise value of 1,875 million U.S. dollars.
This acquisition followed an agreement reached by shareholders of the parent company of Khoemacau to sell 100 percent of their interests to MMG.
MMG Chairman Xu Jiqing stated, “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.”
Based in Melbourne, Australia, MMG is listed on the Hong Kong Stock Exchange and has an international shareholder base, with China Minmetals Corporation as its major shareholder.
According to MMG, the current shareholders have advanced the Khoemacau project from exploration and discovery to the development of a sustainable, long-life operation over the last 12 years, with an investment of 1 billion U.S. dollars made for this development.
Khoemacau Chief Executive Officer Johan Ferreira expressed excitement about the company’s future with MMG, stating, “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.
