BCL saga, page-152

I continue with the up to the minute info.......unfortunately the following is not the ideal start to the new week we were looking for, but perhaps it may move things along ....who knows? At least four agencies have reported as follows....the one I quote is Reuters but all four have basically the same report, from also Voice of Nigeria, Kitco (Kitco use Reuters reports anyway, of course), and Tribuneonline, so little room for much doubt, even in Africa.
At least liquidator claims to have the go ahead (presumably after the end of week court hearing?) to sell BCL in parts, and perhaps there be a silver lining if this opens a way for BML to somehow access a more worthwhile partner, provided that partner gets control of the smelter and wants feedstock from BML. Since Tati is being given a further six months to find a buyer perhaps ARM (??) may indeed move in and show interest in BML as well as Tati and the smelter.....big ask or no??? Mr. Motsepe strikes me as a good operator who has done well. (All this just my view and may be well off the mark).
Interesting too Dixon-Warren emphasizes they are still trying for a deal, but failing that will sell piecemeal.

http://af.reuters.com/article/investingNews/idAFKBN1971OE-OZABS



Botswana's BCL to be sold off piecemeal after sale talks fail

Fri Jun 16, 2017 12:58pm GMT

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GABORONE (Reuters) - Collapsed state-owned Botswanan copper and nickel producer BCL Limited will be sold off piecemeal after the company failed to find a buyer, its liquidator said on Friday.
BCL was placed under provisional liquidation in October after the government said it could not afford the 7 billion pula ($685 million) needed to keep the company running.
"Our first priority is to still try and sell BCL as a going concern, but if that fails we can now sell the assets, which include the smelter and the mine shafts, separately," liquidator Nigel Dixon-Warren of KMPG told Reuters.
Botswana's oldest and biggest copper mine ran into trouble because of low commodity prices, diminishing ore grades and the ever deeper shafts needed to extract its resources.
BCL owed creditors about one billion pula when it was placed under provisional liquidiation.
Dixon-Warren said potential buyers had been put off by a $271 million lawsuit filed by Norilsk Nickel against BCL over its botched deal to buy a 50 percent stake in a South African nickel mine from the Russian company".
"We have had some strong interest from many buyers, but the issue of the Norilsk lawsuit has been complicating matters," Dixon-Warren said.
He also said BCL's Tati Nickel mine, which it bought from Norilsk, had attracted strong interest from potential suitors.
Botswana's high court has extended the provisional liquidation of Tati by six months to allow a deal with an unspecified suitor to be concluded, Dixon-Warren said.


The other available links follow, but content basically the same in each.

http://tribuneonlineng.com/botswana-sell-off-copper-nickel-firm/

http://www.kitco.com/news/2017-06-1...sold-off-piecemeal-after-sale-talks-fail.html

https://von.gov.ng/botswana-sell-off-copper-nickel-firm/

Regards to all.