China Minmetals Wraps Up Acquisition of Botswana Copper Mine

MMG Limited (MMG) recently held an official welcome ceremony to commemorate the acquisition of the Khoemacau mine, situated in Botswana. This marks the culmination of the acquisition of Khoemacau mine's parent company, valued at an effective Enterprise Value of US$ 1,875 million, completed last month. This significant acquisition is in line with MMG’s vision of establishing a prominent international mining entity committed to a low-carbon future, aiming to generate substantial long-term value for MMG shareholders.

During the welcoming address, MMG’s Chairman Jiqing Xu emphasized the significance of adding Khoemacau to the Company’s asset portfolio, highlighting it as a crucial stride towards realizing the vision of establishing a leading international mining enterprise focused on sustainability. He stated, “Khoemacau is a top-tier operational mine with compelling expansion potential, situated in one of Africa's most promising mining regions, the Kalahari Copper Belt. This transaction aligns perfectly with our strategy to pursue value-enhancing external opportunities while concurrently driving substantial organic growth across our existing operations.”

MMG’s Interim CEO Liangang Li expressed enthusiasm about integrating the Khoemacau operation into the broader MMG family and expanding the company’s copper interests, a commodity in high demand due to its pivotal role in global decarbonization efforts. Li stated, “Looking ahead, the acquisition of Khoemacau will bolster our broader strategy to augment copper production, including through the Chalcobamba development in Peru and the finalization of the Kinsevere Development Project.”

In closing, he expressed anticipation for the upcoming successful phase of the Khoemacau endeavor, highlighting the collaborative efforts with the local team, contractors, community, and wider stakeholders to achieve the expansion of this asset.”

Established in 2009, MMG envisions becoming a premier international mining enterprise dedicated to a sustainable, low-carbon future. Headquartered in Melbourne, Australia, the company is publicly listed on the Hong Kong Stock Exchange (HKEX1208). MMG engages in the operation and development of copper, zinc, and various other base metal projects spanning Australia, Botswana, the Democratic Republic of Congo, and Peru.

Khoemacau stands as a top-tier operational mine with compelling prospects for expansion, situated in Botswana's promising Kalahari Copper Belt, one of Africa's most prospective mining regions. This large-scale, enduring copper mine, known as the Khoemacau Mine, is positioned in northwest Botswana within the burgeoning Kalahari Copperbelt. The mine's landholding encompasses the tenth largest African copper mineral resource in terms of total contained copper metal, representing one of the most extensive copper sedimentary systems globally outside of the Central African Copperbelt.