Nov 21, 2023 04:01 PM
BUSINESS
China Minmetals Unit Snaps Up Botswana Copper Mine for $1.9 Billion
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The Khoemacau mine has an annual output of 60,000 tons but that could be expanded to around 130,000 tons a year. Photo: Bloomberg
(Bloomberg) — A unit of state-owned China Minmetals Corp. bought a copper mine in Botswana for about $1.9 billion, ending a bidding race that drew interest from at least two other Chinese suitors.
MMG Ltd. said it had agreed to purchase Cuprous Capital Ltd., the sole owner of the Khoemacau mine in the Kalahari copper belt, which stretches from northwest Botswana to western Namibia.
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