Monday, July 15, 2024

The BCL dilemma drags on

Government could consider partnering with interested parties seeking to venture into the ill-fated BCL mine, with so far international and local investors having expressed interest into the copper-nickel mine that was closed recently.

“For many years government has been the shareholder over the mining operations and that is something we will consider following consultations and advice from the liquidator,” said the Minister of Mineral Resources, Green Technology and Energy Security Sadique Kebonang in Parliament.
Kebonanag added:”We do not rule out such a possibility.”
He was answering a question from Selebi Phikwe West Member of Parliament Dithapelo Keorapetse whose constituents have been greatly affected by the closure of the mining town.
Kebonang did not divulge the interested investors save to jokingly say: “Some are even represented from both of the (political) aisle.”

So far the provisional liquidator has receive a number of interest on BCL with none however having made “any formal offers and none contain any financial offers”.

“The provisional liquidator has set up a preliminary data room to facilitate access to information on assets and operations of BCL. The idea is to fast-track any proposed transaction. So far a non-disclosure agreement has been signed with only one interested party,” the Minister told Parliament.

The first meeting of creditors will be called in due course and a formal process will be followed to identify if any the most suitable investor.
“It is after the completion of this process that it will be known whether investors see a business case in BCL or not,” Kebonang concluded.

Opposition Umbrella for Democratic Change and Botswana Congress Party believe the mine could still be saved and protect the jobs of Batswana whose unemployment have ballooned to record high levels.


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