Canadian firm sweetens BCL deal with P4.3bn

Friday, February 19, 2021

Premium Nickel Resource Corporation, the Canadian company recently named as the frontrunner to take over BCL Ltd, has pledged to spend US$400 million in various operational processes required to bring the mines back to operation.

In a public notice seen by Mmegi, BCL Ltd liquidators said the Canadian minerals investor had also pledged to make a financial contribution to the care and maintenance activities taking place at BCL Ltd. The BCL Ltd group, which includes BCL and Tati Nickel mines, closed in October 2016 with the loss of more than 5,000 jobs. Government is currently paying the bill for care and maintenance activities.

The Canadian firm has six months to conduct a due diligence exercise on the mines before making an offer for the outright purchase of the BCL Ltd assets it wants.

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