11 Feb 2021

Minister of Mineral Resources, Green Technology and Energy Security, Mr Lefoko Moagi says BCL Group of Companies, comprising BCL Limited, BCL Investments and Tati Nickel Mining Company were placed under provisional liquidation by the High Court on October 9, 2016 as a result of low mineral commodity prices and other economic reasons.

He noted that BCL Limited was put on final liquidation on June 15, 2017 while Tati Nickel was placed on final liquidation on February 27, 2019. In July 2019, he said the initial liquidator for the BCL Group of Companies resigned and that the Master and Registrar of the High Court appointed new liquidators.

Mr Moagi also said the liquidator opened the data room for potential investors to access information in order to submit offers.

He noted that June 2020 was set as the deadline for submission of offers.

Furthermore, he said the liquidators for BCL and Tati received three offers for the assets, and that they completed the evaluation of the offers in order to recommend a preferred bidder who would be granted a period of exclusivity within which to conduct a due diligence before concluding a purchase agreement.

Mr Moagi said the liquidators had had preliminary engagements with the preferred bidder who required an exclusive period of about six months to carry out detailed due diligence in order to submit an offer to the liquidators, adding that the offer was expected to be submitted by Septembee 2021.

The minister also told Parliament that the period involved going beyond the data room, and could include, but was not limited to drilling, sample tests, engineering audits on all structures in a quest to move quickly into production.

“To assess the authenticity of  structures that have been standing for a long time is very key for the safety of people and machinery.” he said.

The MP for Francistown South, Mr Wynter Mmolotsi had asked the minister to update Parliament on the progress of identifying and getting an investor for Tati Nickel Mine. ends