Three Chinese firms in the race to buy Botswana copper mine
- September 6, 2023
- Posted by: Quatro Strategies
- Categories: Africa, China, Mining & Metals, Rare Earths & Commodities
Three major Chinese entities, Zijin Mining Group, MMG Ltd., and Aluminium Corp. of China (Chinalco), are among the final contenders to acquire the Khoemacau copper mine in Botswana. The mine, with an estimated value of around $2 billion, is being pursued by a consortium led by London-based private equity firm GNRI. South African miners, Impala Platinum Holdings (Implats) and Exxaro Resources, have also made it to the shortlist.
The Khoemacau project, which began operations in mid-2021, is situated in the Kalahari copper belt and has been increasing its annual output, with plans to ramp up production to around 130,000 tons per year. The private equity firm GNRI is expected to make a final decision on the buyer within the next few weeks.
This acquisition reflects the global trend of mining companies seeking to expand their copper portfolios due to the anticipated growth in demand for copper in electric vehicles and renewable energy technologies.
It’s worth noting that both Zijin Mining Group and MMG Ltd. have a substantial presence in the copper industry and could leverage their existing expertise and resources to further develop the Khoemacau copper mine if they emerge as the successful bidder.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Washington pivots from climate to capacity in energy policy
The Trump administration has unveiled a sweeping push to accelerate the buildout of U.S. power generation and transmission infrastructure as soaring electricity demand from artificial intelligence, data centers, and electric vehicles threatens to overwhelm the grid, even as it moves to halt the retirement of coal and gas plants to preserve fossil fuel capacity.
On Thursday, the Department of Energy (DOE) launched its “Speed to Power” initiative, inviting utilities, transmission operators, and other industry stakeholders to submit proposals on fast-trackable projects, investment needs, and barriers to development. The effort follows President Donald Trump’s January executive order declaring a national “energy emergency”, a declaration that has given the administration broader legal leeway to direct energy policy and override regulatory hurdles.
U.S. oil stays relatively calm as Europe and Asia pay scarcity prices
The striking divergence between the US crude market and the physical oil markets in Europe and Asia shows how differently the Iran war is being transmitted across the world. In Europe and parts of Asia, the loss of Gulf barrels has turned prompt crude into a scarcity asset, sending physical prices to records. In the United States, by contrast, the domestic crude system has been partly insulated by policy intervention and by the specific kinds of barrels available to American refiners.
That is why Mars crude, a medium-sour Gulf of Mexico grade, has fallen back to around $97 a barrel after peaking near $129 earlier this month, even as European physical crude prices have hovered near $150 and Dubai-linked crude in the Middle East reached unprecedented levels near $170.
Gulf capital joins U.S.-led push to secure AI inputs
Qatar and the United Arab Emirates are being brought into a U.S.-led “economic security” framework that treats the AI era’s physical foundations of chips, advanced manufacturing capacity, critical minerals, and the power-and-data infrastructure behind large-scale computing, as a single, security-relevant supply chain.
Undersecretary of State for Economic Affairs Jacob Helberg said that both Gulf states will soon join the initiative, known as Pax Silica, with Qatar expected to sign the declaration on January 12, 2026 and the UAE on January 15, 2026.