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GABORONE, July 7 (Reuters) - Cupric Canyon Capital, aprivate equity firm backed by a unit of Barclays Plc,will spend $200 million to bring its copper-silver mine inBotswana to production, the company said on Tuesday.
Construction of the mine, which will be built by Cupric'sBotswana unit Khoemacau, is set to start in 2016 with the firstcopper expected to be shipped to the markets in 2018.
Cupric acquires undeveloped copper assets with the aim ofdeveloping them and then exiting via sales or a public listing.
Cupric's Africa chief executive Sam Rasmussen told reportersthe mine would produce 50,000 tonnes of copper and 1.8 millionounces of silver per year.
"The cost of the mine would have been much higher had it notbeen for the processing plant we have acquired," he said.
Khoemacau recently concluded a deal to buy the mothballedBoseto Mine, which is 30km (18 miles) away from its new minessite.
Khoemacau country manager Johannes Tsimako said the companyis in negotiations with the government to connect thenorthwestern copper region to the electricity national grid.
Sparsely-populated Botswana is the world's top diamondproducer and the government is keen to diversify the economy toreduce its dependence on gem production and sales. (Writing by Zandi Shabalala; Editing by Ed Stoddard and MarkPotter)
