-
Chinese-Owned MMG Snaps Up Botswana Copper Mine for $1.9 Billion
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. With a mine life in excess of 20 years, Khoemacau will become “a cornerstone asset” for MMG’s business, the Hong Kong-listed company said in an exchange filing on Tuesday. The mine “is immediately earnings accretive,” it said. Copper prices ... (full story)