Khoemacau Copper Mine: Owner, Output and Expansion

Who owns Khoemacau copper mine

MMG Limited owns 55% of the Khoemacau copper-silver mine in Botswana, and CNIC Corporation Limited owns the other 45%. MMG, a Hong Kong-listed miner headquartered in Melbourne, operates the mine. It made 42,120 tonnes of copper in concentrate in 2025 and cut its 2026 guidance to 43,000-48,000 tonnes on 14 October 2026. A new plant is due to lift capacity to 130,000 tonnes a year, with first concentrate expected in the first half of 2028 (MMG third-quarter report, 14 October 2026).

The mine began as a private project of the US firm Cupric Canyon Capital. It signed a US$565 million funding package in February 2019, raised to US$650 million in July 2019, and made its first copper-silver concentrate in June 2021 (Mining Technology project profile). In 2023 MMG agreed to buy the whole of Khoemacau’s parent company, Cuprous Capital, in a deal valued at US$1.88 billion; the sellers were led by Cupric Canyon Capital, with the Ferreira Family Trust, Resource Capital Fund VII and the Missouri Local Government Employees’ Retirement System (Mining Technology, deal report). MMG completed the purchase on 22 March 2024 (MMG fourth-quarter report, January 2026).

On 31 May 2024 MMG announced a joint venture with CNIC. The partner bought 45% for US$500 million, which MMG used to repay a short-term loan that had part-funded the purchase. The venture company also carries a US$1,050 million acquisition term loan from China Development Bank (MMG announcement, 31 May 2024). MMG’s site page still describes a joint-venture structure in which MMG holds a 55% controlling interest (MMG Khoemacau page, checked 27 October 2026).

Khoemacau Copper Mining (Pty) Ltd: company details

Several names point at one operation. Khoemacau Copper Mining (Pty) Ltd is the Botswana operating company. “Khoemacau” is the asset it runs: the Zone 5 underground mine and the Boseto processing plant. “MMG Khoemacau” is how MMG brands the same site. Searchers who want a postal address, an email address or a registered office are usually looking for the corporate office, which MMG lists in Gaborone at the Botswana Innovation Hub, Science and Technology Park, Icon building, Bar 3 Level 02, Block 8 Industrial, Plot 69184 (MMG Khoemacau contacts). For supplier or lender due diligence, ask the company for its registered details in writing; the MMG page is the only contact point we confirmed.

The site workforce is more than 2,200 employees and contractors, 90% of them Botswana citizens (MMG, October 2026). That figure is expected to peak above 4,000 during construction of the expansion and settle near 3,200 once the new plant runs (MMG Khoemacau page).

Where the mine is and how it works

Khoemacau sits in the Kalahari Copper Belt in north-west Botswana, on a 4,040 km² land package. The Zone 5 deposit has a 4.2 km strike length and an average thickness of about 10 m, and it is mined underground by long-hole open stoping, which means blasting large blocks of rock from levels cut into the orebody (Mining Technology). The copper is sediment-hosted: it sits in layered siltstone and sandstone rather than in a volcanic or porphyry system. For how that deposit type compares with others, see our guide to copper deposit types and where to explore.

Ore is trucked 35 km to the Boseto plant (Mining Technology). Boseto uses a three-stage crushing circuit and sulphide flotation, a process that floats copper minerals off the crushed rock in a froth, and it was designed for bornite-dominant ore. Design capacity is 3.65 million tonnes of ore a year (MMG). Over the first nine months of 2026 the plant milled 2,228,194 tonnes (MMG third-quarter report). That is about 2.97 million tonnes on an annual pace, roughly 81% of design capacity by our arithmetic. The gap explains why MMG keeps talking about mine development and equipment: the plant has spare room, and the mine has not been feeding it fast enough.

A paste fill plant was commissioned in the third quarter of 2026 and is ramping up. Paste fill is a mix of filtered tailings and binder pumped back into mined-out stopes, so the miners can take more ore and keep the workings stable (MMG, 14 October 2026).

How much copper Khoemacau produces

Khoemacau made 42,120 tonnes of copper in concentrate in 2025, slightly below the low end of MMG’s guidance, which MMG blamed on a temporary ore shortage while it changed mining contractors in the third quarter (MMG fourth-quarter report). In the first nine months of 2026 it made 33,325 tonnes, 7% more than the same period of 2025, plus 1,057,559 ounces of silver (MMG third-quarter report).

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Copper in concentrate by quarter

Tonnes of contained copper, five most recent quarters

The third quarter was the strongest of the five most recent quarters on grade: 11,242 tonnes of copper from ore averaging 1.76% copper, against 1.47% a year earlier, with recovery of 89.1%. Output per quarter has stayed in a narrow band of about 9,000 to 11,400 tonnes, which is why the mine looks flat even as grade improves.

Source: MMG third-quarter 2026 production report, operating statistics for Khoemacau.

Why guidance was cut

MMG started 2026 guiding 48,000-53,000 tonnes, held that range in July (MMG second-quarter report, 21 July 2026), and lowered it to 43,000-48,000 tonnes in October. The stated reason is earlier development delays and equipment availability constraints. After nine months the mine needs between about 9,700 and 14,700 tonnes in the fourth quarter to land inside the new range, a spread our arithmetic derives from the 33,325 tonnes already produced. A fourth quarter like the last two would put it near the middle.

Silver and the Royal Gold stream

Khoemacau also sells silver, but MMG does not keep all of it. Royal Gold holds a silver stream covering 100% of payable silver until 40.0 million ounces have been delivered, and 50% after that. Royal Gold pays 20% of the spot silver price per ounce. The stream covers the Zone 5 and Mango North-East deposits, and the other deposits are not tied to it (MMG third-quarter report, note 11). A stream is a financing deal: the buyer pays money up front for the right to buy a share of future metal at a low fixed price.

Reserves and resources at Khoemacau

A mineral resource is rock that could be mined at a profit in the future; a reserve is the part that has been shown to be economic with current mine plans. MMG’s statement as at 30 June 2026 lists Khoemacau ore reserves of 55 million tonnes grading 1.7% copper and 22 g/t silver, up from 50 million tonnes at 1.8% a year earlier. Zone 5, the producing deposit, holds 30 million tonnes of that at 1.6% copper. Mineral resources, which include the reserves, total 590 million tonnes at 1.3% copper and 19 g/t silver, up from 450 million tonnes. All figures are on a 100% asset basis (MMG Mineral Resources and Ore Reserves Statement, 30 June 2026).

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Ore reserves by deposit

Million tonnes, 100% asset basis, as at 30 June 2026

The jump in resources comes mainly from a new discovery. Kgwebe, about 6 km from Zone 5, was found in late 2025 and added a maiden resource of roughly 1.4 million tonnes of contained copper and 90 million ounces of contained silver. Drilling for the expansion added a further 240,000 tonnes of copper and 7 million ounces of silver (MMG, 11 August 2026). Most of Kgwebe is classed as inferred, the lowest-confidence category, so it is not yet part of any mine plan.

Older articles quote 33.96 million tonnes at 2.03% copper for Zone 5 from a June 2020 estimate. That was a Zone 5 figure only, and the 2026 statement replaces it.

The expansion to 130,000 tonnes a year

MMG’s board approved the expansion in December 2025 after a feasibility study. The plan adds a new 4.5 million tonne a year processing plant beside Boseto and extends mining into the Zone 5 North, Mango and Zeta North-East deposits. Together the two plants could treat about 8 million tonnes a year (our sum of 3.65 and 4.5). Output is meant to rise to 130,000 tonnes of copper a year, with more than 4 million ounces of silver. Life-of-mine C1 cost is expected below US$1.60 per pound, subject to silver prices (MMG third-quarter report). MMG’s site page mentions a US$936 million expansion project feasibility completed in 2025, without saying what the figure covers, and says final commissioning is planned for the second quarter of 2028.

Construction progress in the third quarter included boxcut and infrastructure works, surface infrastructure, process plant foundations and completed ball mill concrete. Preparatory works at the Plutus open pit, a near-surface satellite source next to the operation, were completed, with waste stripping due to start in the fourth quarter of 2026 and ore supply expected from 2027 (MMG, 14 October 2026). MMG also says a pre-feasibility study for up to 200,000 tonnes a year is under way.

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Costs, silver credits and margin

Miners quote C1 cost, the site-level cash cost of making a pound of copper after subtracting by-product credits such as silver. It is not an accounting measure and leaves out royalties, tax, interest and sustaining capital. For Khoemacau, MMG calculates it after by-product credits and before the silver stream (MMG third-quarter report, notes 16 and 18). It was US$1.97 per pound in 2025 and US$1.40 per pound for the first nine months of 2026, helped by higher silver credits and lower treatment charges. MMG’s 2026 guidance has stepped down twice, from US$2.00-2.30 to US$1.70-2.00 and then to US$1.60-1.90.

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Khoemacau 2026 C1 cost guidance, as revised

US$ per pound of copper, after by-product credits

Against that, the LME copper cash settlement price was US$14,415 per tonne on 23 October 2026, about US$6.54 per pound (Westmetall, LME cash settlement). The gap between price and C1 is wide, but it is not profit: smelters deduct treatment and refining charges, the state takes royalties and tax, and the mine must fund equipment, development and the expansion. The calculator below lets you test those steps with your own numbers.

The U.S. Geological Survey puts world copper mine output at about 23 million tonnes for 2025 (USGS Mineral Commodity Summaries, 2026). At 42,120 tonnes, Khoemacau made about 0.2% of that. Its weight is regional, not global. For the companies that do move the global total, see our ranking of the largest copper mining companies.

Khoemacau and Botswana’s copper sector

Botswana depends on diamonds for more than 80% of export revenue and about one-third of government income, according to the U.S. International Trade Administration. It also notes a diamond downturn, with the economy contracting 2% from January to September 2024 and, in its 2025 outlook, zero growth expected for 2025 (ITA Botswana market overview). That is why copper projects matter to the government’s plans for a wider economy.

A comparison in Botswana is Sandfire Resources’ Motheo mine. In the year to 30 June 2026 it produced 51,788 tonnes of contained copper and 2.1 million ounces of silver, or 59,667 tonnes of copper equivalent (Sandfire June 2026 quarterly report). Motheo’s year runs July to June and Khoemacau’s figure is for calendar 2025, so the two are not a like-for-like contest. Both are far below the 130,000 tonnes a year Khoemacau plans. For the wider map of where copper is mined, see where copper is found.

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How to check the numbers yourself

Every figure on a mine page goes stale, so use the primary sources, in this order.

• Quarterly output and cost: MMG’s production reports, filed on the Hong Kong exchange each January, April, July and October. Each has a Khoemacau table with ore milled, grade, recovery, copper and silver.
• Reserves and resources: MMG’s Mineral Resources and Ore Reserves Statement (the latest is as at 30 June 2026), with the tonnage and grade by deposit.
• Expansion news: the MMG Khoemacau page and news centre, which carry construction milestones and the commissioning date.
• Copper price: the LME, or a daily table such as Westmetall, with the date next to every number.
• Silver stream: note 11 in each MMG production report states the terms.

What satellite imagery shows at a mine like this

Quarterly reports tell you how much metal left the plant. Satellite images show what changed on the ground between reports: new boxcuts, tailings and waste dumps, road building and plant construction. Sentinel-2 images at 10 m resolution are good enough to track a new processing plant site or a growing waste dump over months.

Farmonaut offers mineral detection and exploration screening from satellite data for licence areas; see the web app. Our other pages cover fleet management, carbon footprinting, product traceability, a satellite weather API and crop loan and insurance, built first for farming. For a mining example of satellite screening, see our Georgia gold mining guide.

Satellite screening supports exploration targeting and site monitoring. It does not replace drilling, a resource estimate or a regulator’s approval.

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Frequently asked questions

Who owns the Khoemacau copper mine?

MMG Limited holds 55% and CNIC Corporation Limited holds 45%, under a joint venture announced on 31 May 2024. MMG operates the mine.

What is Khoemacau Copper Mining (Pty) Ltd?

It is the Botswana operating company for the mine. The mine itself is the Zone 5 underground operation, and the Boseto plant processes its ore.

Where is the Khoemacau mine?

It is in the Kalahari Copper Belt in north-west Botswana. Ore is trucked 35 km from Zone 5 to the Boseto plant. MMG’s corporate office for the mine is in Gaborone.

How much copper does Khoemacau produce?

It made 42,120 tonnes of copper in concentrate in 2025 and 33,325 tonnes in the first nine months of 2026. Guidance for 2026 is 43,000-48,000 tonnes (MMG, 14 October 2026).

Why did MMG cut guidance?

MMG says earlier development delays and equipment availability constraints held back mining. It is adding refurbished and extra equipment.

How big is the Khoemacau expansion?

It targets 130,000 tonnes of copper a year and more than 4 million ounces of silver, using a new 4.5 million tonne a year plant. First concentrate is expected in the first half of 2028.

How much did MMG pay for Khoemacau?

The deal was valued at US$1.88 billion when announced in 2023, and it closed on 22 March 2024. MMG then sold 45% of the venture to CNIC for US$500 million.

What are Khoemacau’s reserves?

MMG reports 55 million tonnes of ore reserves at 1.7% copper and 22 g/t silver, and 590 million tonnes of mineral resources at 1.3% copper, as at 30 June 2026.

What is the Kgwebe discovery?

Kgwebe is a copper-silver deposit about 6 km from Zone 5, found in late 2025. Its maiden resource adds roughly 1.4 million tonnes of copper and 90 million ounces of silver, mostly in the inferred category.

What is the Khoemacau C1 cost?

C1 was US$1.97 per pound in 2025 and US$1.40 per pound for the first nine months of 2026. MMG guides US$1.60-1.90 per pound for the full year, after silver credits.

Who gets Khoemacau’s silver?

Royal Gold holds a stream on payable silver from Zone 5 and Mango North-East, paying 20% of the spot price per ounce, until 40.0 million ounces are delivered. After that it takes 50%.

How do I contact Khoemacau?

MMG lists the corporate office in Gaborone, Botswana, at the Botswana Innovation Hub, Plot 69184, with phone numbers on its Khoemacau page. Use that page for current details.