Saturday, 25 February 2017 Home » News » Business » Dubai tycoons to pump P3 billion into BCL Dubai tycoons to pump P3 billion into BCL
Publishing Date : 20 February, 2017 Author : REARABILWE RAMAPHANE A well-resourced family from the United Arab Emirates (UAE) based in Abu Dhabi is said to be willing to inject about 300 million USD to resurrect the sleeping copper-nickel giant, BCL, WeekendPost has learnt.
According to sources, Sadique Kebonang‘s countless trips to Dubai, one of wealthiest economies in the world, has beard fruits, it is reported that last week a delegation from the Emirates Investment Group led by billionaire, Abdulla Mangoosh visited Botswana and was introduced to the second citizen by Minister Kebonang.
Ever Since government ‘s decision to put Bamangwato Concession Limited on provisional liquidation last year October 7, Kebonang who had just assumed the ministerial roles at the new Minerals , Green Technology & Energy Security has been spending most of his time on the skies flying to wealthy economies scouting for investors to reopen the mine.
Last year November at the African industrialization Day Commemoration in Selibe Phikwe, the minister announced that together with the Minister responsible for water & sanitation services they were engaging on a rigorous exercise to woo investors to Botswana in a bid to open businesses under the energy, minerals and water sectors.
Information gathered by this publication reveals that Kebonang’s wealthy Arabic team has met the chairperson of the Mineral Development Corporation, Reginah Sikalesele-Vaka as well as Vice President, Mokgweetsi Masisi and Selibe Phikwe Economic Revitalization Strategy Coordinator, Linah Mhohlo in highly classified and confidential closed meetings to discuss amongst other things possible investment into the liquidated BCL mine.
Sources indicate that Linah Mhohlo who has been working closely with Minister Kebonang to resource the negotiations with finance and investment acumen played a pivotal role in striking a Memorandum of Agreement with the Dubai billionaires. WeekendPost is informed that should everything go according to plan, restarting of the BCL complex mechanism will be commissioned in no time. The Mine which is currently under care and maintenance by provisional liquidator will be open for construction and commencement of refurbishment and switching on its most valuable asset, the smelter which is estimated to cost investors over 400 million pula.
However a little delay may arise from liquidation corridors with issues of satisfying creditors who are legally protected by law. Information reaching this publication indicates that although delays may arise from ironing out legal issues and settling BCL debts, a plan is in place to speedup final liquidation and avail BCL assets to potential investors.
A source from the government enclave tipped this publication that government may pump more money into liquidation to settle creditors in a bid to prevent a situation where Dubai buyers are discouraged, “Government may end up having a significant stake in the new BCL, however the independent investors will own most of the BCL,” said the source who preferred anonymity.
While in Botswana, Abdulla Mangoosh a United Arab Emirates citizen, founder and Chairman of Emirates House Group (a billion dollar Investment Empire) who is said to be a close ally of Dubai royal families, The Sheiks, visited Francistown and Selibe Phikwe, the areas affected by BCL demise.
Mangoosh allegedly also met Selibe Phikwe Economic Diversification Unit team as well as Special Economic Zones Authority. The Emirate Investment Group is said to be also exploring other business ventures apart from mining. WeekendPost gathered that Mhohlo’s involvement provides more of diversified investments to completely transform the Selibe Phikwe economy from BCL dependence.
A source within Phikwe Economic Recovery strategies told this publication that the Dubai investors will also explore putting money into agriculture and food processing, turning Botswana into their investment base of trade & logistics hub linking all Southern African countries.
Indian born nationalized Botswana citizen and wealthy business man, Satar Dada, who has interest in almost all business sectors in the country is said to be featuring within the Abu Dhabi-Botswana investment undertakings.
Information surrounding BCL reopening suggests that the motor magnate extended a helping hand to Mineral Development Corporation last week when he transported the Dubai investment gurus in his executive private jet. Satar Dada who has since admitted to upon enquiry that he availed his flying machine, says he was only assisting to harness investment. However reliable sources attach Dada to possible partnerships interest with the Emirate cash spinning business men. Dada commands a significant stake in agriculture and food industry especially chicken poultry and egg production, he also literally runs Botswana motor industry.
BML Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
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