Disposal of BK11 Mine hits snag
Tuesday, October 06, 2015
Tshekedi Khama
It emerged this week that Tango Mining Limited has told Firestone Diamonds that it was unable to pay $0.3 million (P3 million) into an escrow account as a deposit for the company’s assets.
The deposit was the fulfillment of the first part of the conditional sales agreement between the two companies announced in July.
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...