Botched Russian deal forced BCL�s closure

Under fire: Abi (left) and Fichani adressing the media the media this week. PIC: KENNEDY RAMOKONE
Under fire: Abi (left) and Fichani adressing the media the media this week. PIC: KENNEDY RAMOKONE

A letter of demand for BCL Mine to pay P3 billion to Norilsk Nickel Africa to fulfil a 2014 agreement to buy a 50% stake in the Russian company’s Nkomati Mine in South Africa, has emerged as the key factor that forced government to ‘hurriedly’ place the miner under provisional liquidation.

As part of the 2014 deal, BCL entered into a binding agreement to buy the stake in Nkomati from Norilsk Nickel Africa pending regulatory approvals in South Africa. BCL Mine entered into the deal as part of its Polaris II strategy to invest into alternative sources of ore, in light of the declining grades and reserves in Selebi-Phikwe.

In August 2016, South Africa’s Department of Minerals gave its final approval and the Russians, in line with the binding agreement, moved in to collect.

Editor's Comment
Inspect the voters' roll!

The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...

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