14 Feb 2018

Minister of Mineral Resources, Green Technology and Energy Security, says the BCL liquidation process is likely to take many years to conclude.

Advocate Sadique Kebonang said the process timeline was common for estates of the size and complexity of BCL.

He said as part of the liquidation process, the liquidator must dispose of all assets of BCL and attend to all obligations.

The minister further said the liquidator has developed a strategy designed to enhance value and reduce obligations so as to make the resources remaining at BCL attractive to potential investors.

He said it was necessary for the process to be conducted in an orderly manner to ensure that the legacy of BCL contributes to the regeneration of Selebi-Phikwe in years to come.

The minister further informed Parliament that the annual financial statements of BCL were subjected to an external audit each year with the last year for which audited financial statements were signed for the year ended December 31, 2014.“The financial statements for the year ended December 21, 2015 had not been concluded prior to the liquidation,” he said.

He said audited financial statements were submitted annually as required by the Mines and Minerals Act, and that the reports may be requested through the Public Accounts Committee of Parliament.

The MP for Ghanzi North, Mr Noah Salakae had asked the minister when the liquidation process at BCL would be completed, whether annual financial audits were carried out before its closure as required by law, and if so, whether the financial reports were available for public consumption and where to find them. Ends