The entities competing for the copper and silver mine are Impala Platinum, Exxaro Resources and Sibanye Stillwater.
Sibanye spokesperson James Wellsted was quoted by the news agency as saying: “We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered a non-disclosure agreement to try and understand the opportunity better.
“But Khoemacau is a bit more competitive and we are not going to enter a bidding war that ends up not creating value.”
The latest move comes amid surging demand for copper, which is used in several applications from solar panels to electric cars.
According to three banking sources, the Khoemacau copper mine could be valued between $1.5bn and $2bn.