Chinese companies are competing for a $2 billion copper mine

Bloomberg – Among those seeking a copper mine in Botswana Its price could reach about 2 billion US dollars There are three groups from China, according to people familiar with the matter.

Zijin Mining Group Co., Ltd. and MMG Ltd. And the Chinese Aluminum Corporation, known as Chinalco, She advanced to the second round of screenings These sources referred to the Khuemacao project.

MMG is in talks to join CITIC Metal, a division of state-owned China CITIC Group, said the sources, who requested anonymity due to the private nature of the deal. Companies shortlisted include Impala Platinum Holdings Ltd, also known as Implats, and South African mining company Exxaro Resources Ltd.

The largest shareholder in Goimacao is London-based venture capital firm GNRI plans to select a buyer in the coming weeks. The separation process is ongoing and is not certain to result in a deal.

The world’s largest mining companies, including BHP Group and Rio Tinto Group, are Seeking expansion in the copper sectorThe consumption of metal in electric cars and renewable energy is expected to increase.

Guimacao, who was Increase annual production To 60 thousand tons after the start of operations in mid-2021, this will add to the large copper portfolios already held by Zijin and MMG. Mine production Located on the Kalahari Copperbelt Which extends from northwestern Botswana to western Namibia, and could be expanded to about 130,000 tons per year, according to the company’s website.

Representatives of Citic Metal, Implats and Khuemacao declined to comment. Spokespeople for Chinalco, Exxaro, GNRI and MMG did not immediately respond to requests for comment, while a representative for Zijin said they were not aware of the matter.

GNRI It was formed from purchase By management in 2015 of Barclays Plc’s natural resources private equity business.

With assistance from Jacques Farchi, Paul Burckhardt, Thomas Bischeufel, Winnie Chou, and Martin Ritchie.

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