Mmegi online today dated Wed 6th Dec....
"
TNMC potential buyer refines purchase proposal "
FRANCISTOWN: The potential buyer of Tati Nickel Mining Company (TNMC) is expected to submit a refined proposal to purchase the Mine before the end of this week.
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CHAKALISA DUBE |
Wed 06 Dec 2017, 17:04 pm (GMT +2) |
This is according to the liquidator, Nigel Dixon-Warren.
The liquidator said that the negotiations for the sale of the Mine could have been completed a few weeks ago.
He said that the review of the viability of a proposal initially submitted by the company interested in buying the Mine has delayed the completion of the negotiations.
“After the review of the initial bid, we asked the company to furnish us with additional information. I expect to get the information before the end of this week.”
Next week I am going to court where I have to motivate if the Mine should stay under provisional liquidation, or go into final liquidation.
“If the proposal by the bidder is sound, the Mine will remain under provisional liquidation, while the sale is being finalised.”
Dixon-Warren maintained that the idea is to complete the sale of the Mine early so that it operations resume by April next year.
“Should the buyer agree to buy the Mine, it will mean that we have to complete legalities and then get the approval of the creditors.”
Dixon-Warren would not be drawn into discussing the bid price tabled by the proposed buyer citing a confidentiality clause.
In October the liquidator told Mmegi that he has signed an exclusivity agreement with an international company interested in acquiring TNMC and BCL assets.
The exclusive arrangement gave the prospective buyer some protection from another party from outbidding them.
He said then that he was prioritising the sale of TNMC because the Mine was still under provisional liquidation and conditions of its sale were less stringent.
Dixon-Warren has always expressed strong optimism that TNMC will return to full operation, as the Mine continues to generate much interest from investors. TNMC is considered a very viable entity than the BCL Mine in Selebi-Phikwe.
Over 500 employees at TNMC lost their jobs as a result of the liquidation of the Mines under the BCL Group in the first week of October last year.
Companies subcontracted to TNMC Mine also closed and in the process shedding hundreds of jobs."
Just my view, the key here of interest to BML/Six Sigma holders would be the quote: "In October the liquidator told Mmegi that he has signed an exclusivity agreement with an international company interested in acquiring TNMC
and BCL assets. (this emphasis is mine).
The following is only speculation on my part, but perhaps this may include the BML JV (Maibele North) assets under the proposed arrangement, BUT equally it may not. We have to wait and see.
I must say here I have long felt that for BML to justify it's current drilling at Dibete and Airstrip, there is a possibility BML may know the proposed buyer to be interested also in Maibele, otherwise why else would BML be using up it's limited funds on drilling Airstrip Copper and Dibete without some sureity as both prospects are inside the JV tenements of which BCL/BCLI "own" 40 %?
We can assume BML will retain at least 60% as the WP Bankable feasibility study required to take the BCL interest in the JV to 70% was never carried out. Again, we will wait and see.
60% of Maibele with a strong partner would be a good start for the new direction BML is taking, but too (and apologies for harping on this point) we still would be well served if that missing WP report on Maibele can be secured ASAP particularly to see how the Maibele Cobalt stacked up. Perhaps too the proposed buyer will have their eye on the BCL smelter?
Have a nice evening.
(20min delay)