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Creditors approve Mowana takeover deal

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

Editor's Comment
Criminals beware, police are closing in

Smash-and-grab incidents became common at traffic lights, Automatic Teller Machine (ATM) bombings made headlines too often, cash-in-transit robberies terrified security personnel, while home invasions left families traumatised in the very places they were supposed to feel safest. The situation had reached alarming levels and threatened not only the peace of ordinary citizens, but also the country’s reputation as one of the safest and most...

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