[Botswana Tati Nickel] TNMC re-opening delayed – by Chakalisa Dube (Mmegionline.com – December 19, 2017)

http://www.mmegi.bw/

FRANCISTOWN: Fresh information from the liquidator of the mines under the BCL Group suggests that Tati Nickel Mining Company (TNMC) will not open in April next year as anticipated.

The news will not be well received by the mine’s former employees, residents of Francistown and surroundings who have been eagerly waiting for the mine to resume operations. TNMC played a vital role in the economy of the city prior to its liquidation.

“We had put the April 2018 time frame (as the date TNMC was supposed to resume operations) because we anticipated that the potential buyer of the mine will put a firm offer (which would result in the conclusion of the sale) before the end of the year. Last week the potential buyer put an offer, which he wanted us to present to the creditors.

“We declined the offer because it was not that convincing. We now have to continue negotiating, meaning that the mine will not open in April as planned,” said the liquidator of the mine, Nigel Dixon-Warren yesterday.

Owing to the recent developments, Dixon-Warren said he could not speculate as to when the mine will re-open. “I think in January or sometimes early next year, that is when I will be able to speculate or put a definite date as to when the mine will re-open.”

He also highlighted that the exclusivity agreement signed with the potential buyer of the mine has expired.

The exclusive arrangement gave the prospective buyer some protection from another party from outbidding him. The agreement signed in October was to last until the last quarter of the year according to Dixon-Warren.

For the rest of this article: http://www.mmegi.bw/index.php?aid=73770&dir=2017/december/19

 

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