White & Case and Herbert Smith Freehills (HSF) have assisted on MMG’s acquisition of Cuprous Capital for USD1.88 billion, providing the China Minmetals subsidiary with operating rights to the Khoemacau copper mine in Botswana.
The Khoemacau copper mine, ranking 10th in Africa for contained copper, is fully owned by Cuprous Capital.
White & Case advised various investment funds as the sellers of an indirect interest in Cuprous Capital. Partners Richard Jones and David Lewis led the team, with support from partners Rebecca Campbell, Will Smith, Michael Engel and Colin Harley, all of whom are based in London. Hong Kong-based partners Paul Tang and William Fong, as well as partner Tiaan De Wit in Johannesburg also assisted the team.
HSF has advised the buyer on the acquisition involving shareholder loans and third-party financing.
This acquisition came amid a global wave of M&A in the mining industry. Reuters previously reported that at least three South African miners and several Chinese investors competed for the Khoemacau copper mine. US mining giant Newmont also concluded the AUD26 billion (USD17.18 billion) takeover of Australia’s Newcrest Mining last month.
