Please set up your API key!

Global Post Newspaper Botswana


 Breaking News
  • Khama’s motorcade willingly made way for South African Premier’s convoy Government spokesperson Dr. Jeff Ramsay has told the Global Post in an interview that President Ian Khama’s convoy freely made way for a blue-light procession ferrying Premier of the North...
  • SKY SELLERS; The Dawn of a New Era for Shopping in Botswana Skymartbw just launched a new and exciting initiative known as “Sky Sellers”. The e-commerce company which is an online based store focused on selling products to the public through their...
  • Woman raped while jogging A woman, 37, raped while jogging on a popular route in Howick in South Africa’s KZN Midlands, placated her attacker, convincing him that she was too badly wounded to raise...
  • Mugabe smokes peace pipe The 25th African Union (AU) Summit attended by Heads of State and Government was officially opened in Johannesburg on Sunday with AU Chairman Robert Mugabe calling on Africa to silence...
  • North Korean horror exposed – Part 1 WALTER WASOSA – (17 June 2015) Tales have been told several times by survivors of the evil horror being meted out on the people of the Democratic People’s Republic of...

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.


About Author



Related Articles




November 2017
« Oct    


Your e-mail will be secure with us. We will not share your information with anyone !

Email* Please enter a valid email address.
First Name* Please enter your first name.
Last Name* Please enter your last name.