Canadian firm to invest US$26m to revive BCL – by MBONGENI MGUNI ( – February 12, 2021)

Premium Nickel Resource Corporation, a Canadian minerals investor, has reportedly been appointed the preferred bidder for BCL Ltd, the copper and nickel group that closed operations in Francistown and Selebi Phikwe in October 2016.

A memo apparently written by the BCL liquidator, Trevor Glaum, to the remaining workers conducting care and maintenance activities, indicates that the Canadian firm will now conduct a comprehensive due diligence process on the BCL assets.

“This is therefore not the sale of BCL and Tati assets as yet, but a period of six months granted to Premium Nickel Resources in which to make a final decision on the economic viability of extraction and processing of the ore resources or not,” Glaum wrote on Thursday.

The Canadian firm, meanwhile, has told investors it intends to raise US$26.5 million (P287 million) to resuscitate the BCL and Tati mines. According to a

recent investor presentation, Premium Nickel Resources plans to inject US$2.5 million to support 120 days of due diligence “culiminating in the asset purchase”.

For the rest of this article: