S32 South32 Limited

By Rhiannon Hoyle

South32's chief executive on Thursday signaled that the Australia-based miner is unlikely to pursue an acquisition of the private equity-owned Khoemacau copper mine in Botswana.

"From what I've seen, that's probably a very competitive process and one that will be a little bit too rich for our blood, to be honest," Graham Kerr told analysts on a call.

Khoemacau is owned by Global Natural Resources Investments and Resource Capital Funds.

Kerr said South32 is looking at options for growth, with a bias for base metals and a focus on value.

Asked whether the miner is looking to sell its own Illawarra Metallurgical Coal in Australia, Kerr said South32 isn't seeking buyers for that business.

"Everything's for sale at the right price, no matter what the asset is," he said. "Are we actively out there running a process on Illawarra? No. Do we think met coal still has a role to play for the next 20 years? Absolutely."

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

August 23, 2023 21:53 ET (01:53 GMT)

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