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BCL’s clean balance sheet to help attract investors-Tombale

BCL’s clean balance sheet to help attract investors-Tombale
November 20
15:23 2014

BCL Limited Board Chairman Akolang Tombale has said that the definitive signing of agreement with Norilsk Nickel for the acquirement of Norilsk African Assets was made possible by the successful cleaning of the balance sheet of BCL.

Speaking at a BCL engagement in Gaborone recently Tombale said the support of government from among others ministry of finance and Development planning, Ministry of Trade and Industry and ministry of minerals, energy and Water Resource has also made the transaction possible.

He stated that it is common knowledge that BCL has settled its debt of P3.3 billon with the Government of Botswana.

“This was done through paying P1 billion in cash and P2.3 billion by way of issuance of shares. The debt was an impediment on our strategic plans. Now with a clean balance sheet we can face the future with a bit of more optimism to attract more investors under the Polaris II Strategy,” he said.

“Implementation of this transaction is subject to fulfilment of among others the competition authorities approvals from both Botswana and South Africa, consent by the Minister of Mineral Resources of South Africa for the transaction being granted in terms of Section 11 of the Mineral and Petroleum Resources Development Act 28 of 2002 and approval of transaction by the Bank of Botswana”.

Last month BCL Limited through its wholly owned subsidiary, BCL Investments (Pty) Ltd entered into binding sale and purchase agreements (SPAs) with Norilsk Nickel Mauritius (NNM) and other international Norilsk Nickel Group companies (the NN Group Companies), for the acquisition of 100 percent of issued share capital of Norilsk Nickel Africa (Pty) Ltd (NNAF) and Tati Nickel Mining Company (Pty) Ltd. NNAF owns a 50 percent participation interest in the Nkomati Nickel and Chrome Mine in Mpumalanga, South Africa. The NN Group Companies owns 85 percent of Tati in Botswana.

Tombale noted that the transaction brings an opportunity for BCL to diversify its underground mines through incorporation of the large-scale open-pit operations at Nkomati. He said BCL will continue to search for high quality assets as it evolves into a regional mining company within the SADC region.

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