MMG Limited (01208) announced that its Botswana subsidiary, Khoemacau Copper Mining Proprietary Limited, signed a US$31.50 million (approximately HK$245.70 million) construction agreement with MCC23 Botswana on 19 March 2026.

The 24-month contract covers construction of a new concentrate plant, boxcut and associated mining infrastructure for the Khoemacau mine expansion. Payment terms comprise: • 10% advance, secured by corresponding guarantees; • up to 80% settled monthly against work completed; • 15% after installation and commissioning; • final 5% following the warranty period.

Project vendor selection involved 12 invited bidders, with six meeting technical criteria. Evaluation weighted 60% on price and 40% on non-price factors such as project organisation, resource readiness, management expertise and HSE controls. MCC23 Botswana—wholly owned by Minmetals Land Limited and ultimately by China Minmetals Corporation (CMC)—ranked first, offering a competitive bid and schedule aligned with project milestones.

Because MCC23 Botswana is a connected person under Hong Kong Listing Rules, the agreement constitutes a connected transaction. All applicable percentage ratios are above 0.1% but below 5%, placing the deal under reporting, annual review and announcement requirements while exempting it from independent shareholders’ approval per Chapter 14A.

Independent non-executive directors confirmed that terms are fair, reasonable and on normal commercial footing when compared with other qualified bidders. Interested directors linked to CMC abstained from voting.

MMG’s existing connected transactions with CMC-related entities—covering testing, design, logistics and feasibility services totaling approximately US$8.31 million—have been aggregated with the new award but collectively remain below the 5% threshold.