EMR Capital completes $US210m Golden Grove acquisition


Mining private equity manager EMR Capital has completed its acquisition of MMG’s Golden Grove mine in Western Australia.

The $US210 million ($290 million) deal for the copper-zinc-lead-precious metals mine was originally announced in late December 2016.

Golden Grove, which is about 450km northeast of Perth, produced 38,128 tonnes of zinc and 12,194 tonnes of copper in 2016, according to MMG.

The Chinese ASX-listed MMG started its search for a buyer of Golden Grove in August 2016, shortly after cutting 100 jobs at the operation as part of a plan to wind down production.

EMR Capital is a specialist mining private equity manager founded by executive chairman Owen Hegarty and managing director Jason Chang.

Hegarty is familiar with the Golden Grove operation. He previously led Oxiana, which acquired Golden Grove from Newmont Mining in 2005.

After Oxiana merged with Zinifex in 2008 to form Oz Minerals, the newly created company sold Golden Grove to MMG parent company, China Minmetals, the following year.

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