Cut 8 to dent gov't coffers

Friday, February 05, 2010

The mammoth expansion of the Jwaneng pit will dent government's revenues in the short term through the reduced dividends from Debswana and also via government's contribution to the project's capital expenditure, it has been learnt.

Last year, government expected P6 billion in mineral revenues (or 28.02 percent of total projected revenues), with Debswana contributing up to 95 percent of this figure.

Capital costs for the project, known as Cut 8, have been pegged at US$500 million (P3,4 billion) while all project stages from feasibility, design, equipment and mining operations, will require an investment of US$3 billion (P20 billion) over the next 15 years.

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Cut 8 to dent gov't coffers

The mammoth expansion of the Jwaneng pit will dent government's revenues in the short term through the reduced dividends from Debswana and also via government's contribution to the project's capital expenditure, it has been learnt.