Boseto Mine gets P920m olive branch

Morulane
Morulane

Debt riddled Discovery Metals Limited (DML) this week clinched a US$105-million (P920 million) recapitalisation deal with American firm, Montesant Partners. This is expected to boost operations at the company’s flagship Boseto Mine in Maun.

The lifeline will also see the Botswana Stock Exchange (BSE) listed company reduce its net debt position by US$91 million from US$158 million to US$65 million.

Discovery Country Manager, Mokwena Morulane was yesterday optimistic the recapitalisation deal will turnaround the fortunes of the troubled copper producer as a larger portion of the funds will be used to undertake underground mining which brings better ore grades and tonnage.

Editor's Comment
Refrain from risky behaviours

After long spells of dryness and high temperatures, it is important to celebrate the torrential rains with caution and reasonableness especially when all indications suggest that the rains are not going to stop anytime soon, especially in the northern parts of the country.We want to encourage both the young and the old to refrain from any risky behaviour during this rainy season.Batswana need to be on red alert and not take chances during the...

Have a Story? Send Us a tip
arrow up