Due diligence ongoing at BCL
Onalenna Kelebeile | Wednesday April 12, 2017 15:52
Provisional liquidator, Nigel Dixon-Warren said the exercise is expected to conclude by the end of this month. This brings hope that the takeover deal will be sealed soon and in turn revive the Mine and the local economy.
The due diligence exercise is necessary for the buyer to familiarise himself with every aspect of the Mine and that includes the state it is in as well as the costs involved.
It has been reported that the takeover agreement will be reached by the end of this month as Government’s funding for care and maintenance is expected to come to an end by then. Buyers will then be expected to take over the care and maintenance costs and commence preparations for the reopening of the Mine.
It is also reported that the Dubai family that are prospective buyers are expected in the country next week.