Barclays Bank of Botswana has weighed on the BCL Mine crisis by assuring shareholders that its exposure in the cash-strapped copper/nickel miner is secure. The Botswana Stock Exchange listed bank together with Absa Bank Limited advanced P1 billion government guaranteed loan to keep the Selebi-Phikwe based mine afloat amid collapsing metals prices and uncertain future. But government as a 100% shareholder brought panic this week when it ordered the company, which also owns Tati Nickel, to be placed under provisional liquidation as it can no longer provide relief as there are other pressing matters that treasury needs to address. Barclays…
Author: Editor
The liquidation of the 100% state-owned BCL Mine is underway following the appointment of a liquidator by the High Court. KPMG veteran Nigel Dixon-Warren has been roped in as the provisional liquidator for BCL Limited, which includes BCL Investments (Pty) Ltd and Tati Nickel Mining Company (Pty) Ltd. Dixon-Warren has been involved in the liquidation of a number of high profile projects including the controversial Fengyue Glass Manufacturing project in Palapye, which was auctioned before it could even start producing glass. He will peruse the company with media reports suggesting the exercise could be completed by early 2017. The process…
A good audio-visual (AV) system is far more than a great way to improve your presentations and keep your audience attentive. A well-designed AV system will reduce your energy consumption – saving your company money and contributing to making your office a green environment. That might sound like a big ask but the latest intelligent building- and- room control systems can do just that. “Today it’s not enough to offer solutions such as dimming lights and automatically turning off a screen or a projector,” says Stefan Mayer, Managing Director at Corporate AV Integration. “We need to embrace a future where…
The Ministry of Environment, Natural Resource Conservation and Tourism through the Department of Waste Management and Pollution Control will be hosting a 2 day National Waste Management Pitso from the 17th – 18th October 2016 in Gaborone at Fairgrounds. The Waste Pitso will be held under the theme “WASTE TO WEALTH”. This theme highlights the significance of waste as a resource and hence the main objective of the Waste Pitso is to unlock job opportunities in the waste sector by creating awareness on the available technologies for appropriate waste management measures, practices and the potential of waste as an economic…
The Petroleum Technology Association of Nigeria (PETAN) has announced the launch of the inaugural West African International Petroleum Exhibition and Conference (WAIPEC) taking place 21-23rd February 2017 at the Eko Convention Centre, Lagos, Nigeria. PETAN has created WAIPEC as part of its leading role in promoting and driving sustainable development of Nigeria’s petroleum industry. WAIPEC will address the needs of companies seeking to showcase innovative solutions, new technologies within the sector, work to generate international investment and support the development of major new collaborations for the benefit of West Africa’s petroleum economy. During the three-day event, delegates will have the…
The Minister of Transport and Communications, Kitso Mokaila will officially open the 2016 Aviation Pitso on the 21st October, 2016 at 0900hours. The Pitso will be held at Maun Lodge, Maun. Held under the theme “Celebrating Aviation: The Next Economic Frontier” the Pitso will provide a platform to highlight and celebrate all the milestones that have contributed to the growth of the industry and by extension economic growth of this country for the past 50 years. The theme shall also interrogate through roundtable discussions and plenary sessions strategies that can be employed to capitalise on the milestones attained over the past…
Reality has finally caught up with decision makers that you cannot continuously throw money at problems as government has decided to place BCL Mine under provisional liquidation in a bid to protect the state-owned company from the wrath of creditors. The copper/ nickel miner has been a loss entity for many years but government took a political not a business decision to keep it running in order to prevent the collapse of the Selebi-Phikwe and its environs. The latest move has put over 4,500 jobs at risk and the town of 60, 000 people on the verge of being a…
The Development Bank of Southern Africa (DBSA) has financed 21 renewable energy projects since the launch of the Renewable Energy Independent Power Producer Procurement Programme (REIPP). This was revealed today at the annual SA Gas Options conference in Cape Town and follows the announcement of South Africa’s Gas to Power Project Information Memorandum (PIM). Lucy Chege, General Manager for Energy Financing at the DBSA, said “The DBSA’s achievements in the renewable energy space confirms our role as an instrumental partner in developing integrated solutions for and on behalf of the Department of Energy’s IPP office and National Treasury.” This announcement comes…
The Diamond Empowerment Fund (D.E.F.) has presented a check for $130,000 to the Botswana Top Achievers programme, to continue the support of Batswana youth through access to higher education so they, in turn, can help contribute to the economic development and diversification of Botswana. D.E.F has supported the Top Achievers programme since 2011, with over $600,000 in donations. D.E.F.’s check was presented at a reception celebrating Botswana’s 50th year of independence, hosted by H.E. Ambassador Charles T. Ntwaagae and Mrs. Ntwaagae. Present for the celebration and check presentation was UN Secretary General Ban Ki-moon, who congratulated the country on its successful…
ASX-listed Kimberley Diamonds Ltd (KDL) said its Botswana subsidiary, Lerala Diamond Mines Limited (Lerala) has entered into an offtake agreement for the sales of diamonds from its Lerala Diamond Mine from September 2016 to February 2017. Lerala conducted a tender of its diamonds in late September 2016, which was operated by DDA Trading BVBA in Antwerp. Following the tender, the winning bidder made an offer to enter into an offtake agreement for all diamonds for a 6 month period. “The buyer has agreed to purchase all run of mine diamonds produced by Lerala at its Lerala Diamond Mine from 1…