Chinese tycoon sinks P4m into Letlhakane uranium project

Earlier this year, He Jiandong, a Chinese engineering tycoon, successfully mounted a $5 million bid for control of A-Cap Resources, the firm developing the Letlhakane Uranium Mine near Serule, which is ranked in the world’s top 10 undeveloped uranium projects. A-Cap directors said the offer was unfair but reasonable, with shareholders voting in favour of the takeover late February.

A statement from the company this week shows that A-Cap retrenched some of its local staff and cut directors’ fees as well as any payments for services associated with directors, as a way of keeping afloat during the pandemic.