Coal Miner Exxaro Looks to Acquire Copper Assets in Africa

SEATTLE (Scrap Monster): South Africa-based coal mining company Exxaro Resources is looking to acquire copper assets in key copper-producing countries in Africa, reported Reuters.

The company is also considering partnering with potential existing miners as part of its plan to diversify into metals that are needed for the clean energy transition and to fast-track growth in electric vehicles (EVs).

Exxaro Resources CEO Nombasa Tsengwa said that the company is looking for copper projects in Zambia, Botswana and Democratic Republic of Congo (DRC).

 Tsengwa said the coal producer is also mulling manganese assets in its home country, South Africa.

“We are looking at different opportunities simultaneously. Partnerships where it makes sense… There are different… tactics for acquiring these assets,” she said.

“We do look in the DRC and there are some good assets where we can partner with others who are probably already there. In Zambia you can do it differently,” Tsengwa added.

Exxaro expects to finance potential acquisitions using its own resources or consider options such as debt and equity.

Last month, Reuters reported that at least three South African mining companies, Impala Platinum, Exxaro Resources and Sibanye Stillwater, were competing to acquire the Khoemacau copper mine in Botswana.

As per three banking sources, the Khoemacau mine could be valued between $1.5bn and $2bn.

Located in the Kalahari Copper Belt, the Khoemacau mine is wholly owned by Cuprous Capital, a private company in which Cupric Canyon Capital owns an 88.1% stake and Resource Capital Fund VII owns 11.9%.

 Courtesy: www.mining-technology.com