Barclays assures markets on BCL P1bn loan

Wednesday, October 12, 2016

Following the placement of BCL Mine under provisional liquidation, Barclays Bank Botswana has moved to reassure the markets that a $100 million (P1 billion) loan advanced to the troubled BCL mine is safe as it would be recouped from government.

In a statement, the bank said all the corporate exposures to the BCL Group are fully secured.

“Barclays remains sufficiently liquid, well capitalised and we continue to execute our strategy in the market through the delivery of innovative financial products and services,” read the statement. In April, Parliament authorised the issuance of a government guarantee for a $100 million loan for the struggling state-owned copper and nickel miner.

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