South32 CEO Says Botswana Copper Mine Looks Too Pricey
August 23 2023 - 10:08PM
Dow Jones News
By Rhiannon Hoyle
South32's chief executive on Thursday signaled that the
Australia-based miner is unlikely to pursue an acquisition of the
private equity-owned Khoemacau copper mine in Botswana.
"From what I've seen, that's probably a very competitive process
and one that will be a little bit too rich for our blood, to be
honest," Graham Kerr told analysts on a call.
Khoemacau is owned by Global Natural Resources Investments and
Resource Capital Funds.
Kerr said South32 is looking at options for growth, with a bias
for base metals and a focus on value.
Asked whether the miner is looking to sell its own Illawarra
Metallurgical Coal in Australia, Kerr said South32 isn't seeking
buyers for that business.
"Everything's for sale at the right price, no matter what the
asset is," he said. "Are we actively out there running a process on
Illawarra? No. Do we think met coal still has a role to play for
the next 20 years? Absolutely."
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
August 23, 2023 21:53 ET (01:53 GMT)
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