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- Khoemacau Copper Mining
Khoemacau Copper Mining Acquisition, Valuation, Funding & Investors
Khoemacau Copper Mining was acquired by MMG for $1.9B in November 2023, a 6.3x multiple on $296M of revenue.
Khoemacau Copper Mining acquisition price
$1.9B
Acquired by MMG · Nov 2023
Khoemacau Copper Mining revenue at acquisition
$296M
Last twelve months · Nov 2023
Khoemacau Copper Mining revenue multiple at acquisition
6.3x
EV/Revenue · Nov 2023
Khoemacau Copper Mining EBITDA multiple at acquisition
14.9x
EV/EBITDA · Nov 2023
Khoemacau Copper Mining Overview
About Khoemacau Copper Mining
Khoemacau Copper Mining owns and operates the Khoemacau copper and silver mine in Botswana's Kalahari Copper Belt, anchored by the high-grade underground Zone 5 deposit. The mine holds a mineral resource of 92 million tonnes at 2.2% copper and 22 g/t silver across a 4,040 square-kilometer land position, with an initial mine life of 27 years. Annual production of 50,000-65,000 tonnes of copper equivalent is being expanded toward 135,000-155,000 tonnes of copper and 5 million ounces of silver, with output sold under a third-party offtake agreement.
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$296M (Nov 2023)
Valuation
$588M (Jul 2019)
Sectors
Khoemacau Copper Mining Acquisition
Khoemacau Copper Mining was acquired by MMG for $1.9B on 21 November 2023.
The acquisition price implies a 6.3x revenue and 14.9x EBITDA multiple on $296M of revenue.
Before the acquisition Khoemacau Copper Mining had raised $85M across 1 funding round.
Khoemacau Copper Mining owns and operates the Khoemacau copper and silver mine in Botswana's Kalahari Copper Belt, featuring high-grade deposits at its flagship Zone 5 underground mine with a total mineral resource of 92 million tonnes at 2.2% copper and 22 g/t silver, an initial mine life of 27 years, and current annual copper equivalent production of 50-65 thousand tonnes expanding to 135-155 thousand tonnes copper and 5 million ounces silver. Products are sold under a three-year third-party offtake agreement. The mine holds a dominant 4,040 km² land position in this prospective region and maintains low C1 costs in the bottom half of the cost curve post-expansion, with milling throughput rising from 3.6 mtpa to 8.5 mtpa by 2029. MMG Limited, a global copper-focused miner controlled by China Minmetals and operating mines in Australia, South America, and Africa, acquired Khoemacau through its subsidiary MMG Africa Ventures via a Share Purchase Agreement for Cuprous Capital, Khoemacau's parent majority-owned by Cupric Canyon Capital, with sellers including the Ferreira Family Trust, Resource Capital Fund VII, and Missouri Local Government Employees’ Retirement System. Announced November 21, 2023, the deal valued at an effective enterprise value of US$1.875 billion (final consideration approximately US$1.735-1.88 billion) was financed by shareholder loans and third-party financing, expected immediately earnings accretive, and completed in March 2024 pending approvals. The acquisition advances MMG's strategy to build a high-quality copper portfolio for a decarbonized world, boosting production alongside expansions at Las Bambas and Kinsevere, leveraging Khoemacau's infrastructure, expansion potential, and Botswana's mining jurisdiction to enhance market position amid robust copper demand for renewable energy transition. Khoemacau CEO Johan Ferreira noted MMG's capacity to fund Phase 2 expansion, while MMG Chairman Jiqing Xu emphasized long-term shareholder value and global supply chain support in a consolidating industry.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 21 Nov 2023 | Strategic M&A | $1.9B | 6.3x | 14.9x |
Khoemacau Copper Mining Valuation
Khoemacau Copper Mining is currently valued at $588M, based on its undisclosed-stage round in July 2019.
The $85M round was led by Resource Capital Funds.
Khoemacau Copper Mining valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2019 | Undisclosed stage | $588M |
Khoemacau Copper Mining Funding History
Khoemacau Copper Mining has raised a total of $85M across 1 funding round.
Khoemacau Copper Mining funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2019 | Undisclosed stage | Resource Capital Funds (lead) | $85M | $588M | Khoemacau Copper Mining, owned by Cupric Canyon Capital, operates the Khoemacau copper-silver underground mining project in Botswana's Kalahari Copper Belt, covering 4,040 km² with significant resources including a 91 million tonne starter project at 2.02% copper and 21.4 g/t silver, plus additional high-grade resources. In February 2019, it secured a $565 million project funding package including $275 million senior debt from Red Kite Mine Finance, $265 million silver stream, and $25 million subordinated debt from Royal Gold's RG AG to commence construction of the 3.6 million tonne per annum starter project, with first production expected in H1 2021 at 62,000 tonnes copper and 1.9 million ounces silver annually. The project advanced to construction completion in June 2021, ramping up to full production of 60,000 tonnes per year copper and 1.6 million ounces silver by Q4 2022, with plans for expansion to over 130,000 tonnes copper and 5 million ounces silver. Khoemacau holds Mineral Resources of 6.4 million tonnes contained copper and 263 million ounces silver, positioning it as a low-cost, long-life asset in the bottom half of the cost curve with a mine life exceeding 20 years and products sold under a three-year offtake agreement. Later developments included GNRI considering a sale valuing the asset at about $1.5 billion around 2022-2023, culminating in MMG's acquisition of parent Cuprous Capital in November 2023 for an effective enterprise value of $1.875 billion (or approximately $1.735 billion aggregate consideration plus debt settlement), reflecting the mine's high-grade status and strategic importance in the copper market. |
Who has invested in Khoemacau Copper Mining?
1 investor has backed Khoemacau Copper Mining across its funding rounds, including Resource Capital Funds.
Lead investors include Resource Capital Funds.
Khoemacau Copper Mining Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Khoemacau Copper Mining investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialKhoemacau Copper Mining Competitors
Khoemacau Copper Mining competitors include listed companies like Mineros, Alkane Resources, Almasane Alkobra Mining and Iluka Resources, and private ones like Mariana Minerals and Jetti Resources.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $800M | $292M | $1.9B | 1.9x | ||
| Publicly listed | $187M | $72M | $1.9B | 2.3x | ||
| Publicly listed | $274M | $161M | $1.9B | - | ||
| Publicly listed | $722M | ($127M) | $1.8B | 4.1x | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $2.5B | - |
Khoemacau Copper Mining Public Comps
Khoemacau Copper Mining is no longer listed, but its public comps include Mineros, Alkane Resources, Almasane Alkobra Mining, Iluka Resources, Ligeance Aerospace, Granges, Atalaya Mining Copper, Ora Banda Mining, Nanshan Aluminium and Ternium Argentina.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $800M | $292M | 2.4x | 1.9x | 6.5x | 4.3x | |||
| $187M | $72M | 8.4x | 2.3x | 21.7x | 4.4x | |||
| $274M | $161M | 6.9x | - | 11.7x | - | |||
| $722M | ($127M) | 3.8x | 4.1x | (21.5x) | 21.9x | |||
| $279M | ($26M) | 6.2x | - | (66.7x) | - | |||
| $2.9B | $247M | 0.8x | 0.7x | 9.8x | 8.5x | |||
| $556M | $172M | 2.9x | 2.5x | 9.2x | 5.4x | |||
| $575M | $305M | 3.1x | 3.1x | 5.9x | 5.8x | |||
This data is available for Pro users. Sign up to see all Khoemacau Copper Mining competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Khoemacau Copper Mining
| Where is Khoemacau Copper Mining headquartered? | Khoemacau Copper Mining is headquartered in Botswana. |
| Is Khoemacau Copper Mining publicly listed? | No, Khoemacau Copper Mining was acquired by MMG in November 2023. |
| Who acquired Khoemacau Copper Mining? | Khoemacau Copper Mining was acquired by MMG in November 2023. |
| How much was Khoemacau Copper Mining acquired for? | Khoemacau Copper Mining was acquired for $1.9B in November 2023, a 6.3x revenue multiple. |
| What is Khoemacau Copper Mining's valuation? | Khoemacau Copper Mining was last valued at $588M in its undisclosed-stage round in July 2019. |
| How much funding has Khoemacau Copper Mining raised? | Khoemacau Copper Mining has raised $85M across 1 funding round. |
| What was Khoemacau Copper Mining's last funding round? | Khoemacau Copper Mining's last funding round was a $85M undisclosed-stage round in July 2019, led by Resource Capital Funds. |
| Who are Khoemacau Copper Mining's investors? | Khoemacau Copper Mining's investors include Resource Capital Funds. |
| Which companies are comparable to Khoemacau Copper Mining? | Companies comparable to Khoemacau Copper Mining include Mineros, Alkane Resources, Almasane Alkobra Mining, Iluka Resources, Mariana Minerals and Jetti Resources. |
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