On March 22, 2024, MMG Limited completed the acquisition of the Cuprous Capital Ltd., which indirectly owns and operates the Khoemacau Mine located in northwest Botswana, for US$1.735 billion.
The deal also involved the advancement of approximately US$348 million by MMG to settle specific debts of the target group.
This acquisition marks a pivotal development in MMG's history, positioning the company for substantial growth and expansion in the mining sector. The financial transaction and legal aspects were conducted in alignment with the terms stipulated in the agreement previously announced on November 21, 2023, with subsequent updates provided on December 27, 2023, and February 2, 2024.
Torys LLP acted as Canadian counsel to MMG with a team led by Michael Amm and included Michael Jason and Brianna Pioli (corporate/M&A), Omar Wakil and Ian Li (foreign investment), Craig Maurice and Steve Marshall (tax).
Herbert Smith Freehills LLP and Akheel Jinabhai & Associates acted as UK and Botswana counsel, respectively, to MMG.
White & Case LLP and Bookbinder Business Law acted as US and Botswana counsel, respectively to Cuprous Capital Ltd.