Three years after announcing a strategy to diversify from coal, Exxaro is still searching for an investment.

Nombasa Tsengwa, CEO since mid-2022, acknowledges that it’s been a struggle trying to buy copper production in a fiercely competitive global market. In one asset chase, the company vied for Botswana producer Khoemacau Copper Mining, owned by US fund Cupric Canyon Capital. But China’s MMG proved too strong a competitor...

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