Advising on the acquisition of one of the highest quality new copper mines globally

Macquarie Capital acted as financial adviser to MMG Limited (MMG) on its $US1,875 million acquisition of the Khoemacau Copper Mine in the Kalahari Copper Belt in Botswana

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Sector Commodities
Sub-sector Critical minerals
Location Botswana


Copper plays an essential role in the energy transition as it is required to support the increase in electrification necessary to transition away from fossil fuels.1

Renewable technologies such as electric vehicles (EVs), solar PV, wind turbines and battery storage all require copper. As demand increases, additional high-quality sources are needed to avoid upward pressure on production costs and emissions.1

Khoemacau is a large, long-life copper mine located in north-west Botswana, in the emerging Kalahari Copper Belt, and is one of the highest-quality new copper mines globally.2 The mine currently produces 50 to 65 kt of copper equivalent per annum and has the potential to produce approximately 145 kt equivalent following development of the brownfield expansion of the project.  

MMG is a base metals producer listed on the Hong Kong Stock Exchange and headquartered in Melbourne, Australia, and Beijing, China. MMG’s vision is to create a leading international mining company for a low-carbon future.3 


Macquarie Capital successfully supported MMG through an M&A process that was highly competitive due to the global scarcity of high-quality producing copper assets. 

Our cross-border team of critical minerals and energy specialists were able to assist MMG by leveraging their expertise across Southern Africa, Australia, Hong Kong and China to assess the competitive landscape and navigate the necessary approval processes and stakeholder engagement. 

This transaction supports Macquarie Capital’s successful record in competitive buyside advisory roles on large-scale copper opportunities and builds on our momentum as the leading adviser in the critical minerals sector, having advised on more than $A45 billion of transactions in the sector.4 


This transformational transaction supports MMG in building a portfolio of high-quality mines producing metals that are critical to a low-carbon future and is expected to significantly increase MMG’s scale, placing the company as a leading copper-focused producer globally.2

Top 10

transaction expected to place MMG as a top copper-focused producer globally5

145 ktpa

expected copper equivalent production following expansion2

20+ years

estimated mine life6 

95 per cent

local employment from Botswana, with 1,800 people employed by Khoemacau6

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