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05/03/15
02:54
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Originally posted by bsredoje
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SS please note below
800 WORKERS AT DISCOVERY METALS LOSE JOBS AS MINE IS CLOSED
MONDAY, 2 MARCH, 2015 - 12:30
More than 800 employees of Discovery Metals working at the BOSETO copper mine, near Toteng have lost their jobs after the company was placed under liquidation on Friday, over a debt of over 1 billion Pula.
The employees were turned back at the mine on Friday morning when they reported for work, as production had been shut down.
The company’s Public Relations Officer Mokwena Morulane told **z FM news, that the company’s lending syndicate made an immediate demand of payment of a loan amounting to 1.1 billion Pula on Thursday night, which led to the company being declared insolvent.
The syndicate comprises Standard Chartered Bank, Credit Swiss and Caterpillar Finance.
Morulane further revealed that the company has been placed under the voluntary administration of a consulting firm, to secure the assets on behalf of the creditors.
He noted that the plight of the employees as regards to their terminal benefits, lies with the consulting company.
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The company was not declared insolvent. It was placed on voluntary administration. Might be worth asking Mokwena exactly what he said. I would ask if the broadcast was in Setswana or English. The papers and news in Botswana are pretty basic.