{"id":28223,"date":"2023-06-06T07:50:09","date_gmt":"2023-06-06T07:50:09","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/south32-weighs-tilt-at-botswana-copper-mine-khoemacau-hires-rbc"},"modified":"2023-06-06T08:24:38","modified_gmt":"2023-06-06T08:24:38","slug":"south32-weighs-tilt-at-botswana-copper-mine-khoemacau-hires-rbc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/south32-weighs-tilt-at-botswana-copper-mine-khoemacau-hires-rbc","title":{"rendered":"South32 weighs tilt at Botswana copper mine Khoemacau, hires RBC"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>South32 boss Graham Kerr must have big-ticket M&A on his mind.<\/b><\/p>\n

Street Talk can reveal the company has hired RBC Capital Markets to help prepare an indicative bid for Khoemacau Copper Mining in Botswana, which is expected to be worth north of $US2 billion ($3 billion).<\/p>\n

The up-for-grabs Khoemacau has nameplate annual production of 60,000 tonnes copper and 2 million ounces silver in concentrates. The underground mine has a 20-year life and comes with a processing plant. Both the mining and processing ramped up to full production in February, and pre-feasibility studies to double production are under way.<\/p>\n

Its private equity owners, Global Natural Resources Investments and Resources Capital Fund VIII LP, hired Credit Suisse and Bank of Montreal to run an auction earlier in the year, as revealed by Street Talk. Non-binding indicative offers are due in a few weeks, with the process expected to be concluded in the second half. Global Natural Resources Investments is Barclays\u2019 former resources PE business.<\/p>\n

Should South32\u2019s early interest in Khoemacau hold, it would be the miner\u2019s biggest acquisition since it splashed $US2.05 billion to buy a 45 per cent interest in Chilean copper mine Sierra Gorda from Sumitomo in late 2021. South32 declined to comment.<\/p>\n

Eight years after it was spun out of BHP Billiton, nearly half of South32\u2019s revenue still comes from the aluminium value chain while copper has been a small \u2013 8 per cent in the first half \u2013 but growing slice of its commodity mix.<\/p>\n

Khoemacau\u2019s owners have tested buyer appetite several times over the past 10 years, and the latest process is expected to draw out suitors from across the world including Canada.<\/p>\n

As for the Australians, Street Talk sources expect four in the mix.<\/p>\n

While bigger miners like Rio Tinto and BHP would likely deem Khoemacau\u2019s resource not big enough to bid on, Owen Hegarty\u2019s resource-focused private equity firm EMR Capital is said to be interested, along with multicommodity miner IGO Limited. But the one suitor South32 is most likely to face as it proceeds with putting together a bid for Khoemacau is Sandfire Resources.<\/p>\n

Sandfire already owns the Motheo copper mine in Botswana and is fighting to replace revenues from its original kingmaker, Degrussa mine, which is due to stop producing by the end of June. It has shown it is not afraid of big acquisitions, buying Spanish copper, zinc and lead mine MATSA last year under long-time boss Karl Simich.<\/p>\n

Now, there\u2019s a new boss calling the shots in ex-Macquarie metals and mining research head Brendan Harris. He has already said he has no choice but to look at Khoemacau. On Monday evening, Sandfire was yet to hire an adviser but was keeping close to Bank of America and Standard Chartered.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. South32 boss Graham Kerr must have big-ticket M&A on his mind. Street Talk can reveal the company has hired RBC Capital Markets to help prepare an indicative bid for Khoemacau Copper Mining in Botswana, which is expected to be worth north of $US2 billion ($3 billion). The up-for-grabs Khoemacau has nameplate annual […]<\/p>\n","protected":false},"author":84,"featured_media":28222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-28223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nSouth32 weighs tilt at Botswana copper mine Khoemacau, hires RBC - Botswana<\/title>\n<meta name=\"description\" content=\"South32 boss Graham Kerr must have big-ticket M&A on his mind. 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