Lerala Mine's P81m sale stuck in limbo

Friday, August 10, 2018

Three months after US$8.1 million was announced as the winning bid for Lerala Mine at an online auction, the mothballed diamond operation remains in limbo, as creditors grow increasingly restive over their outstanding dues of P30 million.

Lerala Mine was auctioned off on May 30, 2018 having closed on May 29, 2017, with the winning bidder offering US$8.1 million (about P81m). Under the conditions of the sale, a portion of the funds should have been paid over within a certain period, before mining rights could be transferred, followed by the balance.

BusinessWeek is informed that a citizen-led consortium with ties to the Tswapong area put in the winning bid, but failed to close the deal due to financing challenges.

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