Specialist mining private equity firm EMR Capital has paid $210 million for the Golden Grove copper, zinc, lead and precious metals mine in Western Australia, from Chinese giant MMG.
The deal comes just weeks after EMR closed its second fund after raising $1.12 billion. EMR is focused on copper, gold, potash and coking coal.
Jason Chang, who founded EMR in 2011 with Owen Hegarty, said EMR viewed Golden Grove as one of Australia’s premier base and precious metals mines.
“It’s rare to get good copper assets, particularly in our own backyard, so it ticks a few of our boxes,” Mr Chang told The Australian Financial Review on Friday.
He said the deal will build on the base and precious metals portfolio EMR has already established including the Martabe gold and silver mine in Indonesia which the company bought in march for a touch over $1 billion, Queensland’s Capricorn Copper mine and the RedHill copper/gold/silver project.
Mr Chang said there were still a number of assets on the market and EMR was set for a busy 2017.
“We are seeing a good universe of opportunities in this environment,” he said.