LONDON (Reuters) – Base metals miner Central Asia Metals (CAML) is on the hunt for a new copper project in Southern Africa for up to $400 million in what would be its first foray into the continent, its chief executive said.
The London-listed company, which has two mines in Kazakhstan and Macedonia, is prepared to spend $300 million-$400 million in countries including Namibia, Botswana and Zambia, CAML’s Nick Clarke told Reuters.
Flush with cash brought on by a recovery in commodity prices, miners are paying dividends again and slowly returning to the search for new assets.
“We are agnostic as a mining company where we go. We look for the right combinations of asset quality and the right government attitude towards the mining industry,” he said.
CAML, which raised its interim dividend by nearly 20 percent last year, bought Lynx Resources, which owns the SASA zinc-lead mine in Macedonia, for $402.5 million in September.
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