Govt will not fund BCL acquisitions

Thursday, October 23, 2014

SELEBI-PHIKWE: BCL general manager Daniel Mahupela says the P3.1 billion acquisition of Tati Nickel Mining Company(TNMC) and Nkomati Mines will not be funded by government but from a combination of debt and company cash reserves.

Earlier this week, state-owned BCL announced that it would in the next six months conclude a $337 million (P3.1 billion) deal to purchase Norilsk’s 85 percent stake in TNMC and a 50 percent shareholding in Nkomati chrome mine in South Africa.

Speaking during a press conference yesterday, Mahupela said the mine amassed funding through collaborative efforts with commercial banks.

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Govt will not fund BCL acquisitions

SELEBI-PHIKWE: BCL general manager Daniel Mahupela says the P3.1 billion acquisition of Tati Nickel Mining Company(TNMC) and Nkomati Mines will not be funded by government but from a combination of debt and company cash reserves.