Boseto mine takeover gets creditors’ nod

Cupric Canyon has been given the greenlight to buy Boseto Mine
Cupric Canyon has been given the greenlight to buy Boseto Mine

Creditors of Discovery Copper Botswana have accepted a $34.5 m (P343million) bid for the company, paving way for Boseto Mine to come out of provisional liquidation.

Pursuant to an application made by Standard Chartered Bank, Discovery Metals was early this year placed under provisional liquidation after failing to meet its financial obligations amounting to over $137 million (P1.3 billion), to various creditors.

In a meeting held in Gaborone last Friday, creditors unanimously agreed to accept an offer from Barclays backed -Cupric Canyon to take over the mine. Provisional liquidators of the mine, Deloitte, are now expected to take the matter to the High Court next week for sanctioning.

Editor's Comment
Botswana deserves ideal political leaders

This remains to be seen, particularly as opposite unity has been seeing its ups and downs. In 2012, three opposition parties namely the Botswana National Front (BNF), the Botswana Movement for Democracy (BMD), and the Botswana National Front (BNF) formed a political alliance under the Umbrella for Democratic Change (UDC). The Botswana Congress Party (BCP) would, after rebuffs, join the coalition in 2017.The promise made by the coalition to its...

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