Boseto mine takeover gets creditors� nod

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.