At least three South African miners are in the running to buy Botswana's Khoemacau copper mine that is home to one of Africa's largest copper deposits, several sources told Reuters, as growing demand for the metal ensures strong competition for the sought-after asset. Johannesburg-listed Impala Platinum, Exxaro Resources and Sibanye Stillwater are weighing bids for the copper and silver mine in Botswana, said the sources with knowledge of the matter, who declined to be named due to the sensitivity of the information.
NAIROBI/LONDON - At least three South African miners are in the running to buy Botswana's Khoemacau copper mine that is home to one of Africa's largest copper deposits, several sources told Reuters, as growing demand for the metal ensures strong competition for the sought-after asset.
A number of unnamed Chinese investors, are also on the list of companies interested in Khoemacau Copper Mining operations, one of the sources said. "We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered into an non-disclosure agreement to try and understand the opportunity better," Sibanye spokespersontold Reuters. "But Khoemacau is a bit more competitive and we are not going to enter into a bidding war that ends up not creating value."
Copper prices have fallen due to fears of a global slowdown, but longer-term prospects for the metal and a competitive bidding process will make it hard for any of the bidders to strike a bargain, two of the sources said.
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