Pula Steel bounces back to life

Back with a bang: Pula Steel is set to resume operations with an initial 200 workers
Back with a bang: Pula Steel is set to resume operations with an initial 200 workers

The country’s pioneering steel plant, Pula Steel, is set to rebound to life with a P16 million deal sealed under which the Selebi-Phikwe operation will process iron ore from the Ikongwe mine near Shoshong.

Pula Steel’s liquidation has dragged since it closed in 2017, just two years after it was built at a cost of P130 million strained by financial and technical challenges, particularly the shortage of its raw material, scrap metal.

The latest sale value suggests a 'pennies on the pounds' settlement for creditors, who are reportedly owed about P100 million. However, it also represents the best deal in a troubled period in which previous suitors have broken the transaction terms and in which the liquidation process has also suffered lawsuits from the plant’s founders.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

Have a Story? Send Us a tip
arrow up