Three South African mining companies are interested in acquiring the Khoemacau copper mine in Botswana, which is one of Africa's greatest copper resources, according to unnamed sources cited by Reuters.
The sources said Johannesburg-listed mining companies Impala Platinum, Exxaro Resources, and Sibanye Stillwater are considering bids for the Botswana copper and silver mine.
Some Chinese investors are also interested in Khoemacau.
Sibanye spokesperson James Wellsted confirmed his company’s interest in the mine.
“We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered into a non-disclosure agreement to try and understand the opportunity better," he was quoted as saying.
"But Khoemacau is a bit more competitive and we are not going to enter into a bidding war that ends up not creating value."
However, Impala was unwilling to comment while Exxaro did not react promptly to inquiries.
A representative for Khoemacau said that the bidding process is anticipated to take several months and be completed towards the end of 2023.
After the first round of bidding, diversified miner South32 and its Australian competitor Sandfire Resources reportedly withdrew due to the mine's exorbitant valuation.
Three financial experts agree that a range of $1.5–$2 billion for Khoemacau is plausible.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
