MMG Acquires Khoemacau Copper Mine in $1.88 Billion Deal

The acquisition, expected to complete in 2024, is part of MMG's strategy to lead in the green energy transition.

Chinese miner MMG Ltd has agreed to buy Canada-based Cuprous Capital, the parent company of the Khoemacau copper mine in Botswana, for $1.88 billion.
The Khoemacau mine, located in the Kalahari Copper Belt, produces about 60,000 tons of copper and about 2 million ounces of silver per year.
MMG's acquisition is part of its strategy to become a leading international mining company for a low carbon future.
The deal is pending approval from regulatory bodies in China and Botswana and is expected to be completed in the first half of 2024.
MMG's share price rose as much as 7.5% to HK$2.45 in morning trading following the announcement of the acquisition.