Bid in for liquidated Botswana copper mine
An offer of compromise has been tabled for the acquisition of the provisionally liquidated Boseto copper operation, in north-west Botswana.
Botswana’s Khoemacau Copper Mining has submitted the offer to Discovery Copper Botswana and expected to know whether its offer had been accepted on Friday last week, when it was put to a vote as part of a provisional liquidation process being conducted by Deloitte Botswana.
Khoemacau has been in dialogue as neighbour and potential acquirer for the last two years, regional manager Johannes Tsimako told the Botswana Resource Sector Conference, which Creamer Media is attending.
Formerly known as Hana Ghanzi Copper, Khoemacau is a subsidiary of Cupric Canyon Capital, which has been exploring the Ghantisi-Chobe copper/silver project, located in the Kalahari copper belt within the Ghantsi and Ngamiland districts.
Discovery Copper sold the first copper/silver concentrate from Boseto in June 2012.
If Khoemacau’s bid is successful, it will complete all the drilling and feasibility work this year and begin underground mine construction in 2016.
ParticipationThe conference heard that the Botswana government was considering taking up a 15% participation in the proposed 3.6-million-ton-a-year underground copper operation.
“It’s not going to be one mine but a number of mines. Zone 5 is done and dusted and we’re now looking at Zone 6 and Zone 9,” Tsimako told the conference.
Grid power is scheduled to be delivered to Botswana’s North West district by the end of 2018.
“The key driver is going to be cheap power,” he emphasised.
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