Mmegi
Business
Nkomati: BCL’s curate egg
Nkomati: BCL’s curate egg
The BCL Mine has been closed for six months now, with little hope that the 4,500 direct jobs lost can be recovered. Efforts are now underway to secure a buyer for the BCL Group assets, with a company from the United Arab Emirates (UAE) said to have shown significant interest in acquiring the mining and metallurgy group. In tracing back the events leading to the abrupt closure of mine while also trying to unpack possible solutions, Business Weeek’s BRIAN BENZA arrives at the conclusion that while the Nkomati Mine deal was the cause of BCL’s hurried shutdown, the South African mine is also equally part of, if not the only solution to a sustainable and viable revival of the Selebi-Phikwe based operation......
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
| 1 |
 |
By |
BRIAN BENZA |
Fri 24 Mar 2017, 15:52 pm (GMT +2) |
This long article in Mmegi, by Brian Benza as above referenced, is -though very lengthy - worth a read.
It mentions neither BML nor Maibele North per se, but does refer generally to the Polaris 11 strategy.
Google Mmegi article as above to read the Benza article.
It covers the BCL saga and gives insight into the machinations about the liquidation whilst pointing out that such liquidation may not have been unavoidable had Paul Smith (who heads up MDCB and about whom it has been said he has President Kharma's ear) and MDCB (which holds the Government's equity in BCL) not orchestrated the move to liquidate BCL.
Benza seems to think that if Govt. and Norilsk are prepared for compromise things may be able to still be sorted out through bringing in the Emirates House Group (who we all know are doing their due diligence but whose spokespersons have already stated the due folk is basically a formality and the deal will proceed ....see 'goldscraper' HC post of 21/3/17....) backed by the Abu Dhabi govt. sovereign wealth fund , though the EHG itself seems to have no history of mining.
An improved nickel price (falling lately) is important of course. No mention is made of whether Nkomati produces cobalt, or how much copper.
The African Rainbow outfit who hold the other half of Nkomati as well as numerous other mines seems to be doing quite well this year.
(In fact Nkomati does produce cobalt, copper, and PGE's as well as nickel. Refer
http://www.miningweekly.com/article/nkomati-mine-mpumalanga-1999-09-17/rep_id:3650)
