Australian mining services company Perenti has announced its decision to end operations at MMG’s Khoemacau copper mine in Botswana by late June.
The exit follows a review of the project’s financial performance, which failed to meet the company’s internal benchmarks.
“As outlined during our half-year results, the financial performance at Khoemacau has not met our internal performance hurdles and we must maintain our commercial discipline to enable consistent returns through economic cycles,” said Perenti chief executive Mark Norwell.
Barminco, Perenti’s underground mining division, has managed operations at Khoemacau since its development began in 2019.
Under the exit agreement, all on-site equipment will be sold to Khoemacau Copper Mining, a subsidiary of Hong Kong-listed MMG, with final valuations based on a pre-negotiated formula.
Perenti said it will assist in transitioning operations to ensure safety and continuity.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
