BCL saga, page-222

In Mmegi today, by Mbongent Mguni, dated Fri 10 Nov 2017, "Auctioning of BCL assets cleared to begin"....
Some of these reporters seem to prefer readers be on a drip feed for info., and seem to include only points they consider relevant, not the wider picture.
So now we have it confirmed there is no buyer and that everything will be open slather.....or perhaps more of a pigs' breakfast approach?

Yesterday, Dixon-Warren told Mmegi that the auctions would only begin after the second meeting of creditors, which is expected in April.

Auctions of BCL assets cleared to begin .

Creditors this week gave the BCL Mine liquidator authority to commence auctions of the Mine’s assets, as hopes fade of finding an investor to buy the mine and restart operations.

The resolution is seen as the final nail in the coffin for BCL Mine, which went into final liquidation earlier this year and whose billions of pula in creditor and environmental liabilities make it undesirable to investors.
The mine’s creditors, who are owed in the region of P2 billion and P2.2 billion, comprise government, banks, the Botswana Power Corporation, Water Utilities Corporation and numerous suppliers.
At their first meeting this week, creditors appointed KPMG senior partner, Nigel Dixon-Warren as final liquidator and authorised him to begin auctioning off the mine’s assets. Dixon-Warren was the BCL provisional liquidator, following his appointment by the High Court.
While the original resolution was open in granting Dixon-Warren permission, government representatives intervened to amend it so that meetings of creditors are held before auctions of assets worth over Pula 20 million.

“The resolution gives me permission indeed, but by law, I cannot touch anything until after the second meeting of creditors.
“The public auctions in particular take place right at the end of the process, when other options have been exhausted,” he said.
According to the resolution, BCL Mine’s assets will be sold via private treaty, public tender and public auction. Already, Dixon-Warren was able to secure High Court approval for the disposal of BCL Mine’s jet, which sold for P4.8 million earlier this year.
BCL Mine’s mining, property, plant and equipment assets were estimated to be valued at P268.1 million by last October, although reviews of the amount are underway."

Obviously, further delays, and where will it end so far as BML is concerned is anybody's guess.

http://www.mmegi.bw/index.php?aid=73006&dir=2017/november/10

Regards.