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China’s MMG Clinches Coveted Copper Mine With $1.9 Billion Deal
- Chinese firm says purchase shows ‘confidence in copper’
- Zijin Mining and Chinalco were also bidders for the asset
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China’s MMG Ltd. has clinched one of the biggest copper deals of the year, agreeing to pay $1.9 billion for a mine in southern Africa as major commodities groups vie to add supply of the red metal.
MMG, controlled by state-owned China Minmetals Corp., said on Tuesday it had agreed to buy Cuprous Capital Ltd., a private company which owns the Khoemacau operation in Botswana, producing copper since 2021.