GNRI considers sale of Khoemacau copper-silver mine

Photo: Khoemacau

UK-based private equity firm GNRI is working with an adviser to identify potential buyers for its Khoemacau copper-silver mine in Botswana, reported Bloomberg. A deal could value the asset at $1.5 billion.

Khoemacau is an underground mine located in the Kalahari Copper Belt, which stretches from northeast Botswana to western Namibia. First concentrate was produced in June 2021, and the mine is expected to deliver more than 155,000 tonnes of copper concentrate at 38% to 42% copper content, containing nearly 60,000 metric tons of copper and 2 million ounces of silver metal in concentrate annually.

Bloomberg sources said the mine could attract interest from large mining companies seeking to expand their copper portfolios. The sources said that no final decisions have been taken and there is no assurance that the deliberations will result in a deal.

Khoemacau is fully owned by Cuprous Capital, which is owned by Cupric Canyon Capital (87.9%) and Resource Capital Fund (11.9%). Cupric Canyon Capital is majority owned by funds managed by GNRI, also known as Global Natural Resource Investments.

Source: Bloomberg