Battle over Mupane heads to CoA :: Mmegi Online

The long-running battle for Mupane Gold Mine is headed to the Court of Appeal (CoA), as creditors decry the mounting costs of the legal dispute, as well as the expenses associated with care and maintenance activities at the mothballed mine.

Justice Reuben Lekorwe of the Lobatse High Court recently interdicted the sale of the gold mine, siding with one of the bidders, Ulsan Botswana, which claimed irregularities in the process used to award Nova Africa the rights to purchase.

Nova Africa, which was offering $21 million as a once-off payment, is a newly registered company with 49% held by citizens with mining and technical backgrounds, and the balance owned by a Turkish firm. Ulsan, also from Turkey, had offered $500,000 to buy the site and said it could offer a final price of up to $15 million when it concluded its due diligence.

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court of appeal

Battle over Mupane heads to CoA

The long-running battle for Mupane Gold Mine is headed to the Court of Appeal (CoA), as creditors decry the mounting costs of the legal dispute, as well as the expenses associated with care and maintenance activities at the mothballed mine.

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