Mmegi Online :: Extra care needed on BCL deal
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Last Updated
Friday 21 September 2018, 15:09 pm.
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Extra care needed on BCL deal

The closure of BCL Mine late last year has shaken the local economy and left almost 5,000 people jobless amid high unemployment in the country. Families were left with uncertain futures, while financial institutions also felt the heat.
By Mmegi Editor Wed 17 May 2017, 05:57 am (GMT +2)
Mmegi Online :: Extra care needed on BCL deal








The latest we hear is that Emirates Investment House (EIH) has shown interest in acquiring the Mine after weeks of due diligence. The BCL Mine has pending outstanding payments of close to P3 billion and other liabilities that it should settle. Even at stake is the future of Selebi-Phikwe town, which is on the brink of becoming a ghost town.

What is more worrying is that the thousands of former miners, and their families would soon run out of patience and turning the town into a hell-on-earth where hopelessness rules the streets in the form of drug abuse, prostitution, street gangs and spiralling crime statistics.

While negotiations are continuing, there have been concerns from some stakeholders who have shared their observations. It is important for all stakeholders to be extra-cautious when handling a transaction of this magnitude. Our country is in need of developments and job-creation and therefore would go for anything or any deal that promises a better future.

At the same time, the country has lost billions of pula in deals that promised a better future but turned out to be hoaxes.

The Palapye Fengyue Glass project, the failing Morupule B Project, as well as the Morupule B Expansion project which was recently in the news for bad reasons, come to mind.  The latter project is said

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to have stalled after the contractor cited a provision/clause in the contract that compels the Government to pay some funds, the clause that left many Government officials baffled as they did not thoroughly read the documents to pick it.

The Minister of Mineral Resources, Green Technology and Energy Security, Sadique Kebonang has expressed confidence in the BCL/EIH deal calling on stakeholders to remain optimistic.

“I can’t be overly suspicious for nothing. Let’s wait for them to complete the due diligence to determine the value of Nkomati, then we will talk”.

It is important to be hopeful that things will go one’s way, but what is more important is to scrutinise whether the other party, or EIH has capability to reopen the Mine and have it running on a sustainable basis. As much as we are hopeful that the deal will conclude in favour of BCL and the nation in general, we call on the Government to be extra-cautious and to scrutinise every part of the deal to the letter. 

Today’s thought 

“Democracy must be built through open societies that share information. When there is information, there is enlightenment. When there is debate, there are solutions. When there is no sharing of power, no rule of law, no accountability, there is abuse, corruption, subjugation and indignation.” 

– Atifete Jahjaga

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Editorial
Wed 17 May 2017, 05:57 am
Fri 12 May 2017, 11:01 am
Thu 11 May 2017, 11:42 am
Wed 10 May 2017, 11:57 am
Tue 09 May 2017, 11:21 am
Fri 05 May 2017, 11:48 am
Thu 04 May 2017, 11:53 am
Wed 03 May 2017, 11:00 am
Fri 28 Apr 2017, 11:49 am
Thu 27 Apr 2017, 11:13 am
Wed 26 Apr 2017, 11:13 am
Tue 25 Apr 2017, 11:33 am
Fri 21 Apr 2017, 13:11 pm
Thu 20 Apr 2017, 17:11 pm
Wed 19 Apr 2017, 16:09 pm
Thu 13 Apr 2017, 13:41 pm
Wed 12 Apr 2017, 11:40 am
Tue 11 Apr 2017, 11:36 am
Fri 07 Apr 2017, 11:04 am
Thu 06 Apr 2017, 16:36 pm
Wed 05 Apr 2017, 11:11 am
Tue 04 Apr 2017, 11:57 am
Fri 31 Mar 2017, 11:17 am
Thu 30 Mar 2017, 11:25 am
Wed 29 Mar 2017, 11:57 am
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