BCL kisses P50m goodbye as Pula Steel sinks

Thursday, July 06, 2017

BCLu2019s provisional liquidator, Nigel Dixon-Warren

BCL Mine has all but kissed goodbye an amount of about P50 million it invested as equity in a subsidiary, Pula Steel, adding to the woes of creditors looking to squeeze their funds from the fallen copper and nickel mine.

Under an ambitious diversification strategy called Polaris II, BCL Mine invested billions in various projects, including Pula Steel, an iron and steel plant located in Selebi-Phikwe.

Pula Steel however experienced various challenges eventually retrenching all employees and going into judicial management in March, at a time when BCL Mine held 67% equity.

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BCL kisses P50m goodbye as Pula Steel sinks

BCL Mine has all but kissed goodbye an amount of about P50 million it invested as equity in a subsidiary, Pula Steel, adding to the woes of creditors looking to squeeze their funds from the fallen copper and nickel mine.

Ditlhokwe returns after long term injury

Gov’t limits Limpopo crash victims’ burial attendance

Champagne time for Young Stars?

Botswana editors forum calls for greater inclusivity and consultation

The projects magazine in collaboration with Stanbic bank launched the future of mining summit 2024

MISA Botswana celebrates World Press Freedom day

Unlawful wounding turns to murder

Mahalapye suspected copper cable thief nabbed

Stakeholders must step up veggie supply