Boseto mine takeover gets creditors� nod

Friday, June 19, 2015

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.

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