https://www.engineeringnews.co.za

Provisional judicial manager appointed for Botswana copper mine

20th December 2018

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Base metals miner Cradle Arc will cooperate with the provisional judicial manager who was appointed for its 60%-owned subsidiary Leboam, in Botswana, to find solutions for the group’s financial difficulties, CEO Kevin van Wouw affirmed on Thursday.

The Botswana High Court has issued a provincial judicial management order, effective December 18, and appointed John Hinchcliffe to oversee matters.

Cradle Arc had applied for provincial liquidation of the Botswana subsidiary, while Fujax and Leboam’s 40% shareholder applied for judicial management.

The mine is facing significant working capital constraints after it could not agree with Fujax on collateral for the drawdown of the remainder of its $4-million working capital facility.

“Following from the impasse between Fujax and the secured lenders to the project, where the working capital facility agreed was not completed and which has directly led to this situation, we have commenced discussions with various existing and potential funders in order to attempt to secure a suitable financing solution for the project going forward,” said Van Wouw.

As judicial manager, Hinchcliffe has to compile a report regarding the financial position of Leboam to a meeting of creditors by no later than February 18.

Following this meeting, Leboam has until February 21 to submit a business plan to the High Court, which on February 28 will decide if the company can be discharged from provisional judicial management.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.141 0.894s - 140pq - 2rq
Subscribe Now