MMG Limited Completes Acquisition of Khoemacau Copper Mine in Botswana
MMG Limited, a Hong Kong-listed base metals miner, has finalized the acquisition of the Khoemacau Copper Mine, a cutting-edge copper asset located in northwestern Botswana.
The completion of the acquisition was announced today, March 22, 2024, marking a significant milestone for MMG Limited. The acquisition adds a high-quality growth project to MMG’s portfolio, signifying a transformative move for the company.
As part of the acquisition, MMG paid an Aggregate Consideration of approximately US$1,734,657,000 (over P23 billion) to the sellers, with possible adjustments post-Completion.
Additionally, MMG advanced approximately US$348,580,000 (over P4.5 billion) to settle certain debt balances of the Target Group.
Khoemacau Copper Mining (Pty) Ltd received approval from the Minister of Minerals and Energy of Botswana on December 22, 2023, for the transfer of controlling interests associated with the Khoemacau Copper Mine.
The Botswana Competition & Consumer Authority (CCA) also granted approval for the takeover by MMG Limited on January 29, 2024.
MMG Limited, headquartered in Melbourne, Australia, operates globally, exploring and developing copper and other base metals projects across four continents.
With its 68% shareholder being China Minmetals Corporation, MMG Limited is backed by Chinaβs largest metals and minerals group.
The acquisition of Khoemacau by MMG Limited has garnered support from the Botswana government, as it not only secures the existing operation but also commits to a substantial expansion program.
This program, costing over $700 million, aims to double production, generate employment opportunities for Batswana, and increase tax and royalty payments to the government, as highlighted by Minister of Minerals & Energy Lefoko Maxwell Moagi in parliament.
SOURCE:The Projects Magazine
