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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
The Boko-led administration has to tread carefully

‘When you make peace withyourself, you make peace with the world’- Maha GhosanandaThis may come at a huge cost if not handled properly. What started off on Labour Day in Letlhakane this year, where Boko was in attendance when the militant lawyer-cum-trade unionist, Robert Rabasimane rebutted the President’s address in defence of the trade union has seemingly spiralled out of control. The issue is now creating a cat-and-mouse type of a...

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