Morupule starts repaying P1.2bn loan

Tuesday, July 03, 2012

Morupule Colliery, the country's sole coal producer, was this week scheduled to begin repaying a P1.2 billion loan advanced to it by three local banks last year for the expansion of the operation.

Stanbic Bank Botswana, First National Bank Botswana and Barclays Bank of Botswana all participated in raising the P1.2 billion, with another P506 million being shareholder funded. The loan will run for nine years with P600 million of it payable at an agreed fixed rate for five years.

Last week, the Colliery's marketing manager, Jonathan Vergeer, revealed that repayment of the P1.2 billion had begun.

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