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Chinese bank backs two bidders for Khoemacau

Rumbling on: Khoemacau is building up to a bidding war PIC: KHOEMACAU.COM
Rumbling on: Khoemacau is building up to a bidding war PIC: KHOEMACAU.COM

China Development Bank (CDB), a state-owned mega-financier, has reportedly shown interest in providing finance for the Chinese companies which are in the race to buy the Khoemacau Copper Mine, BusinessWeek has established.

Shortlisted for the mine include the Australian-based Citic Pacific Mining Company, MMG, Exxaro, Endeavour Mining, Impala Platinum and Zijin Mining. MMG and Zijin Mining have major Chinese equity ownership.

This week, sources familiar with the discussions about the potential deal said the latest developments might add weight to the Chinese bids.

Editor's Comment
Get back what was stolen, and lock the door

That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...

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