BCL takeover must include its debt - Tombale :: Mmegi Online

Whoever buys BCL will have to buy the company as a going concern, therefore inheriting the Selebi-Phikwe mine operator's debts, Dr Akolang Tombale, Permanent Secretary in the Ministry of Minerals, Energy and Water Resources, has said.

Tombale was responding to Bloomberg reports that Xstrata, the world's fourth largest nickel producer, was planning a friendly take-over of LionOre Mining International for $4billion (approx. P28.8billion). Sources say the bid only awaits shareholders' approval.

LionOre, together with the Government of Botswana, owns BCL Mine in Selebi-Phikwe and Tati Nickel Mine in Francistown. LionOre through BRST (formerly Roan Selection Trust), has a 25 percent shareholding of BCL, against the Government of Botswana's 35 percent; both own their respective shares through BRST (formerly Roan Selection Trust).

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