Copper M&A Expands With MMG's $1.9 Billion African Mine Deal.

China's MMG Ltd., a subsidiary of China Minmetals Corp., has agreed to purchase Cuprous Capital Ltd. for $1.9 billion, acquiring the Khoemacau mine in Botswana. The mine has been producing copper since 2021 and is expected to expand its output to 130,000 tons annually. This acquisition reflects MMG's confidence in the future demand for copper as the global energy transition accelerates. Copper prices have been stable this year, and the metal's use in renewable energy and electric vehicles is expected to drive long-term demand. The bidding process for the mine attracted interest from other Chinese companies. MMG's takeover of the mine is expected to be completed in the first half of 2024 and will immediately contribute to the company's earnings. [Extracted from the article]