Gaborone — The prospects of positioning Botswana as a world mining premier destination continues to take shape.
This was revealed by President Dr Mokgweetsi Masisi during a courtesy call by Chinese mining group MMG Ltd following its acquisition of Khoemacau mine from Canada-based Cuprous Capital.
President Masisi said since independence, there had been a stable political system and a democratically elected national government that contributed to the high ratings the country had received over the last couple of decades.
"Botswana's foreign policy, underpinned by development, democracy, rule of law and respect for human rights has positioned Botswana as mining investment destination of choice in the Sub-Saharan region," President Masisi said.
He said the investment of MMG at Khoemacau mine was worth celebrating as it epitomised the exact investment environment that government had cultivated over the years.
"Government has created the best ecosystem and policies for mining to fully contribute to the country's economic status and develop the livelihoods of the citizenry," he said.
He said efforts to attract Foreign Direct Investment were bearing fruits as evidenced by the commissioning and exploration of minerals across the country.
To that extent, President Masisi said government recognised the private sector as the engine of economic growth and job creation, hence the adoption of a multifaceted approach to support and empower businesses in Botswana.
Additionally, MMG executive general manager, Mr Troy Hey said the acquisition of Khoemacau mine was an important step towards achieving the company's vision of creating a leading international mining company for a low carbon future and a meaningful long-term value for shareholders.
"We are hopeful to produce about 60 000 tonnes of copper and about two million ounces of silver per year and output could be ramped up to about 130 000 tonnes of copper and five million ounces of silver per year with additional investments," he said.
He said MMG had been hunting for copper assets for more than a year, amid a surge in demand for the metal needed in green energy transition.
BOPA
