Chinese miner MMG Ltd's share price jumped on Tuesday to a near eight-week peak after it agreed to buy Canada-based Cuprous Capital, the parent company of the Khoemacau copper mine in Botswana, with an enterprise value of $1.88 billion. MMG has been hunting for copper assets for more than a year, amid a surge in demand for the metal needed in green energy transition. Shares of MMG rose as much as 7.5% to HK$2.45 in morning trading, the highest since September 29 and marking their biggest one-day percent gain since April 14.
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