Discovery secures P1bn for underground mine
Tuesday, February 10, 2015
The future of the Boseto project lies in the mining going underground
In a statement released to the Botswana Stock Exchange (BSE) yesterday, DML said it had signed a binding MOU that would culminate in Castlepines investing $110-million in Discovery’s wholly owned subsidiary Discovery Copper, which owns the Boseto project.
In return, Castlepines would receive a 34 percent interest ownership in Discovery Copper.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...