(MENAFN) MMG Limited, a subsidiary of the prominent mining conglomerate China Minmetals Corporation, has completed the acquisition of a substantial copper mine in Botswana, located in the Kalahari Copper Belt region of southern Africa.
The Khoemacau copper mine, situated in the Kalahari Copper Belt, boasts significant copper reserves exceeding six million tonnes and holds mining rights across an expansive area spanning over 4,000 square kilometers.
Commencing operations in June 2021, the Khoemacau copper mine aims to achieve an annual production output of 60,000 tonnes of copper alongside 1.6 million ounces of silver, as outlined by MMG. The company underscores the mine's favorable attributes, citing its cost-competitive nature and abundant mineral resource potential, indicative of its long-term viability.
In November 2023, MMG concluded the acquisition of the Khoemacau copper mine through a transaction valued at 1.875 billion U.S. dollars, marking a significant strategic move for the company.
This acquisition aligns with MMG's strategic objectives aimed at enhancing its resource supply capabilities and fostering the expansion of reserves and production capacities, underscoring its commitment to sustainable growth and resource stewardship.
MENAFN28042024000045015839ID1108147872
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.