BCL saga, page-203

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• BCL Limited (In Liquidation) And Tati Nickel Mining Company (Proprietary) Limited (In Provisional Liquidation) (Collectively Referred To As The BCL Group): Proposed Disposal Of The BCL Group

BCL LIMITED (IN LIQUIDATION) AND TATI NICKEL MINING COMPANY (PROPRIETARY) LIMITED (IN PROVISIONAL LIQUIDATION) (COLLECTIVELY REFERRED TO AS THE BCL GROUP): PROPOSED DISPOSAL OF THE BCL GROUP


The assets of BCL Limited (“BCL”), including the shares held in Tati Nickel Mining Company (Proprietary) Limited (“Tati”) presents an opportunity to invest in copper and nickel producing assets and associated infrastructure in the Republic of Botswana (“Botswana”).
The Minerals Development Company Botswana (Proprietary) Limited (“MDCB”), a wholly owned subsidiary of the Government of Botswana, owns 100% the shares in BCL, and BCL’s wholly-owned subsidiary, BCL Investments (Proprietary) Limited – In Provisional Liquidation (“BCLI”), holds an 85% stake in Tati. The remainder of the shares in Tati are owned by the Government of Botswana.
BCL, BCLI and Tati were placed in provisional liquidation by order of the High Court of Botswana on 9 October 2016. BCL was placed in final liquidation on 15 June 2017 while Tati and BCLI remain in provisional liquidation.
The Provisional Liquidator of BCL and Tati, Nigel Dixon-Warren (Senior Partner of KPMG in Botswana), with the support of the Government of Botswana, seeks to dispose of the BCL Group preferably as a whole to an interested party who is able to recommence operations and return the BCL Group to profitability. The intention is to dispose of the shares of Tati and the assets of BCL.
Prior to liquidation, BCL comprised a nickel / copper mining, processing and smelting operation, whilst Tati was a nickel / copper mining and processing operation.
Both mines are currently under care and maintenance. BCL, located in the mining town of Selebi-Pikwe, comprises four underground shafts, a concentrator and a flash furnace smelter whilst Tati, located near Francistown comprises two mining operations (underground and open pit) and a concentrator.
BCL owns an Outotec flash smelting furnace capable of smelting up to 900 ktpa of concentrate per annum under ideal operating conditions. In terms of throughput, this is one of the largest furnaces of its kind in the world and has the added benefit of having the potential to be the lowest cost producer per tonne as it utilises the energy from the concentrate for smelting. The smelting furnace is adjacent to BCL’s mining and concentrating operations.
In addition to its mining and processing assets, BCL’s assets include approximately 2,000 residential properties and related infrastructure throughout Selebi-Pikwe including a hospital and farm as well as other assets. Tati owns approximately 80 residential properties and undeveloped plots in Francistown, Botswana’s second largest city.
The proposed disposal of the BCL Group will be through a structured competitive tender process and accordingly all parties that have an interest in acquiring the BCL Group in its entirety, or Tati and/or individual assets of BCL, should be prepared to participate in a competitive process.
Whilst preference will be given to parties interested in the BCL Group as a whole, parties who are interested in certain constituent assets are invited to submit offers in line with their interest.
Interested parties are hereby invited to register their interest with the Provisional Liquidator.
Interested parties will thereafter be issued with a non-disclosure agreement (“NDA”) to facilitate the provision of a Limited Information Memorandum document (“LIM”) which will set out the information required to be submitted as part of their indicative offer. The LIM will contain details of the process to be followed. In order to assist parties in the preparation of an indicative offer, a data room is expected to open on Monday, 7 August 2017, following which indicative offers should be received by Friday, 1 September 2017.
In addition, interested parties must deposit an amount as specified in the LIM into the Provisional Liquidator’s account on submission of the indicative offer. Proof of deposit must be submitted along with the offer. The deposit will only be refunded should the Provisional Liquidator, at his sole discretion, disqualify such interested party from further participation in the disposal process. Should an interested party withdraw from the disposal process, the deposit will not be refunded.
Following an assessment of indicative offers received, shortlisted parties will be invited to participate in further confirmatory due diligence and site visits in order to arrive at final binding offers.
Interested parties are invited to respond to the email address below to receive the NDA.
All enquiries, requests and correspondence should be directed to [email protected].
The Provisional Liquidator reserves the right at his sole discretion to amend, withdraw from or terminate the disposal process at any time.
Nigel Dixon-Warren N.O.
Provisional Liquidator of BCL Ltd – In Liquidation and Tati Nickel Mining Company (Pty) Ltd – In
Provisional Liquidation
c/o KPMG
PO Box 1519
**orone
Botswana

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No mention of a list of assets so no mention of Maibele-North/BML.

Perhaps things will become clearer during or late Sept.

Regards to all.