Creditors approve Mowana takeover deal

Friday, November 26, 2021 | 1960 Views |

Coming soon: The process to reopen Mowana Mine has taken another critical step PIC: BWGOV

Creditors of Mowana Mine have approved the takeover deal proposed by a Dutch wealth manager who has offered to clear up to P800 million they have been owed since the copper mine went into judicial management in December 2018.

Mowana Mine’s judicial manager, John Hinchliffe, stressed that the approval by creditors was not the final step in the takeover deal.

“Please note this is an ongoing process and approval of creditors is one step in the right direction but the conclusion will not be reached until after sanction of the scheme,” he said. “Sanction will only be given if all conditions precedent are concluded.”

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