Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent
Value anchors
advisory · corporate development — what does the record support?
Resource (M+I+I)450 Mt @ — Sourced
Resource basis (verbatim)100% project basis — exact M+I+I tonnage and grade to confirm against MMG 2024 Annual Report MROR; ~450 Mt is editorial estimate per audit note 'I+I significantly larger ~450 Mt and serves as the expansion basis'
Comparables (Cu-matched)5 African M&A · 1 intl · 1 financing/benchmark — set spans, not market curves · dealsSourced
Risk read
mining major · insurer — what is the exposure?
Province IC compositeKalahari Platform — 8.6/10 Derived
Ownership structureJV held via Cuprous Capital Ltd; MMG completed acquisition March 2024; MMG 55% + CNIC Corporation Limited 45% Sourced
Recent events (record)Feb 2026 groundbreaking on $1B expansion (8 Mtpa / 130 ktpa Cu / 4 Moz Ag); MCC23 Botswana contract Mar 2026 ($31.5M concentrate plant); 2024 actuals 42.1 kt Cu; 2025 guidance 43-53 kt Cu … Sourced
What this record does not yet support — disclosed, not estimated
Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.