Discovery secures P1bn for underground mine

The future of the Boseto project lies in the mining going underground
The future of the Boseto project lies in the mining going underground

Discovery Metals Limited (DML) has secured a $110-million (P1.05 billion) investment from equity fund, Castlepines Global Equities to develop the Zeta underground mine at the Boseto copper project, near Maun, and to pay its debts.

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.

Editor's Comment
Micro-procurement maze demands urgent reform

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...

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