China Minmetals completes acquisition of copper mine in Botswana-Xinhua

China Minmetals completes acquisition of copper mine in Botswana

Source: Xinhua

Editor: huaxia

2024-04-28 14:54:00

BEIJING, April 28 (Xinhua) -- MMG Limited, a subsidiary company of the mining giant China Minmetals Corporation, has finalized the acquisition of a large-scale copper mine in southern Africa's Botswana.

Located in southern Africa's Kalahari Copper Belt, the Khoemacau copper mine has copper reserves of over six million tonnes and mining rights covering an area of more than 4,000 square km.

The Khoemacau copper mine was put into operation in June 2021, targeting an annual output of 60,000 tonnes of copper and 1.6 million ounces of silver, according to the MMG. It added that the long-life mine has both the cost-competitive advantage and rich potential of mineral resources.

The company clinched the mine with a deal worth 1.875 billion U.S. dollars in November 2023.

The acquisition is a critical move amid the company's resolve to improve its ability to ensure the supply of strategic resources and vigorously promote the increase of reserves and production, according to the company.