BCL plans to borrow P2.6bn from markets

Mosetlha
Mosetlha

Cash-strapped BCL plans to raise $250 million (P2.6 billion) through a bond issuance later this year. The state-owned mining group would use the funds to offset debts, fund acquisitions and finance working capital requirements.

Addressing the media yesterday, acting divisional manager (finance and administration), Tobokani Mosetlha said they have engaged Barclays Africa group to facilitate the bond issuance.

“The funds would be used to settle a $100 million facility we recently acquired from Barclays as well as finalise the acquisition of a 50 % stake in Nkomati Mine in South Africa,” he said. “The balance would go towards working capital requirements. Due to the size of the bond, the plan is to open it to both foreign and local investors.”

Editor's Comment
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

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