Sounds like another bloody non-event.....going to bring the...

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Walter123

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08/11/17

11:21

Post #: 28598751
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Originally posted by Walter123 ↑

A pretty damning report for anyone wanting to wade right through it, from BCL's perspective.
http://www.thepatriot.co.bw/news/item/4883-management-collapsed-bcl-–-liquidator.html

The last para states: "
Funding of the costs of administration is currently being provided by Government. There are insufficient funds in the estate to maintain the mines on care and maintenance and the secure and safeguard assets without this funding. Under the relevant legislation the PL, as the licence holder must undertake on-going rehabilitation at the mine site. This is being done. Efforts are being made to dispose of the BCL Sale Assets as a going concern to one party who has the intention of recommencing operations. Plans have also been made for piecemeal disposal which includes necessary assessments and studies to undertake a closure of the mine and/or find alternative post-closure usage for the assets should the efforts to sell the BCL Sale Assets be unsuccessful. This is part of the overall LES being developed by the liquidator. "
N D-W makes much of the fact environmental and other obligations will be carried on to any purchaser, and thinks this fact, the deteriorating condition of assets, and lack of value including any remenants of cash may make finding a ready buyer more difficult, for the original Selebi-Phikwe mines.....hopefully Tati and BML's Maibele resources can form a basis of an operation of which the smelter can be attractive. The current resurgence of Ni/Cu/Co prices should make this more viable to the party mentioned\speculated on by Warren above. The period after 6th Nov. as mentioned by Equalibrio above and nearing year's end may be defining for BML holders.

Regards to all.

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Sounds like another bloody non-event.....going to bring the directorate to the table April according to N Dixon-Warren. I wonder will there be any official announcement re the meeting on 6th as I thought offers received were to be tabled. Apparently the creditors situations are complicated further by the requirement they may have to contribute to costs including environmental outgoings.
I have a feeling I may expire from old age before this is sorted.

http://www.mmegi.bw/index.php?aid=72907&dir=2017/november/07

Mmegi

News

Ex-BCL bosses dodge creditors, risk jail

Former BCL Mine directors yesterday skipped a key meeting with creditors, violating the law and prompting a decision to pursue legal processes to summon them to account for their role in the mine’s collapse.

Rgds to all.

BML Price at posting: 0.1¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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Sounds like another bloody non-event.....going to bring the...

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