(Corrects paragraph 5 to show jobs were lost after liquidation)
GABORONE May 15 Botswana's government has
offered its state-owned BCL Mine Ltd to the Emirates Investment
House (EIH) for a token price of $1 in a deal that will result
in the Emirati firm taking over the mine's debts, minerals
minister Sadique Kebonang said.
Since being placed under provisional liquidation in October
for an initial period of four months, the High Court has granted
two extensions to BCL as the government negotiated with
BCL Mine (BCL) was placed under provisional liquidation
after its creditors demanded close to 1 billion pulas ($96
"We have signed a Memorandum of Understanding (MOU) with
EIH. The proposal is for them to take up all of BCL debts
including Nkomati for a token fee," Kebonang said.
BCL employed more than 5,000 people directly before it was
placed under provisional liquidation in October and it was once
the lifeblood of the Selebi Phikwe mining town of more than
After BCL was placed under provisional liquidation, Russia's
Norilsk Nickel took legal action against the mining
group to recover $271.3 million it says it is owed for the sale
of a 50 percent stake in the Nkomati JV in South Africa.
($1 = 10.3734 pulas)
(Writing by Tanisha Heiberg, editing by Louise Heavens)