I'll stick this here as the Sierra Gorda thread is effectively the S32 Cu thread.
From the Oz today:
Australian listed copper miners South32 is believed to be lining up to take a look at the $US2bn Khoemacau copper mine in Botswana, as investment bank Credit Suisse fires the starting gun on the asset’s sale process.It is understood that promotional material for the sale was sent to interested buyers a week ago and the asset is believed to have attracted wide global interest.Yet South32 is known to be keen to invest further in copper and has been in the sale process for other global copper assets.
It bid for the Spanish copper mine complex MATSA that was sold to smaller rival Sandfire Resources two years ago for $2.6bn, in what was a bold move by the Australian listed miner in that it was double its market value.
Sources believe that despite strategic benefits for Sandfire to buy the mine, it would be unlikely to progress in the process. 29Metals could look too but it would also likely be an acquisition opportunity that was too large.
Khoemacau is a copper and silver mining company which has a mine with a 22-year life producing 60,000 tonnes per annum of copper.
Located in Botswana’s Kalahari copper belt, it is expected to increase production to more than 130,000 tonnes per annum of copper.It is owned by private equity firm Cuprous Canyon Capital, which is owned by Global Natural Resources Investments and Resource Capital Fund VII.
Copper assets are highly sought after as groups look to gain exposure to minerals used to make batteries for electric vehicles.
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Ash here.
SFR would make an excellent addition to S32. It knows Africa. It craves more Cu and Zn and has the funds and bottle for the fight.
Matsa is a high quality asset in full production with expansion options. Motheo. the Botswana mine is also highly attractive. Adding Khoemacau to Motheo would be inspired.
Oh, and Cobre CBE:ASX MC $A31m holds exploration rights abutting Motheo as well.
Back of envelope: $A4.5b for SFR, $A2b for Khoemacau, $A45m for CBE.
My earlier comments on this possibility: https://hotcopper.com.au/posts/62394725/single
Ash.
Sierra Gorda copper mine, page-108
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