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My memory of recent statements from the BCL liquidator was that Sept 1st was a key date for expressions of interest.
In that vein this Tsena article indicates some 34 companies have expressed interest of some sort, though no specifics as there were confidentiality clauses, and that the liquidator will now go through the expressions of interest and select suitable parties, hopefully to have a shortlist "by November". ND-W's emphasis is still to find a bidder able to take carriage of reopening and operating the mines, but failing that it may be a more piecemeal approach.
By LAONE MOLELO
BCL mines have been given a renewed for another lifeline after 34 new bidders showed interest in buying both Tati-nickel mine and the Selebi Phikwe mine.
According to BCL liquidator, Nigel Dixon-Warren, after they flighted an advertisement in July, appealing to potential bidders internationally, regionally and locally, they are now in the process of identifying suitable investors for both mines.
“We are now in the process to identify potential buyers, we placed adverts online and in newspapers and we provided them with information and with a non-disclosure agreement to sign and looking at that information we have about 34 interested parties and they have a deadline of 1st September to have formally expressed interest” said Dixon-Warren.
He further said that after all parties have submitted their interests, they will assess all of the offers to try and find a best suitable investor, depending on what they are willing to purchase.
He also said that after they have selected their suitable candidates, they will then invite them to perform due diligence, after which they will engage all selected candidates for negotiations.
“I am hoping that by November, we would have shortlisted bidders and I am also hopeful that by that stage I will be able to inform the creditors about the progress we are making ”said Dixon-Warren.
He also said that they expect the negotiations to be concluded early next year, probably before March, depending on their level of satisfaction with the bidders.
DixonWarren further stressed that government is still committed to selling both mines to any investor as opposed to stripping and selling its parts as that could mean that over 500 retrenched miners are not retained.
“ It’s our preference, it’s certainly what government prefers, to have someone coming in to restart operations at the mines and of course that will be our priority to give the mines to someone who is prepared to do all of that financially. But if we don’t find suitable candidates then we will have to move to a different level, which I call a piece-meal proposal where somebody might want to take Tati but nothing else, and we will have to deal with it once we have the proposals from all parties” said Dixon-Warren.
He also said that some of the local based companies have submitted their bids, without disclosing the names of the companies for fear of possibly seeing them bowing to public pressure.
Meanwhile, Dixon-Warren said that he has finally paid all former BCL employees their retrenchments packages, adding that close to 86 former employees who were difficult to be traced, finally came through to claim their packages.
This however came after a series of consultative meetings and putting up of notices in public areas, and appealing for assistance from the public to help them locate the remaining employees.
On the other hand, Botswana Mine Workers Union dismissed Dixon-Warren’s claims saying that government has only managed to pay the former employees their terminal benefits."
Regards to all. At least there is some news about, and activity by BML also.
BML Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
