- Sold for $20m, the mine is expected to open in two years
SESUPO RANTSIMAKO
The much-awaited Tati Nickel Mine sale has been completed after being sold for USD20 million to an unidentified investor.
While the Minister of Minerals and Energy, Lefoko Moagi, would not discuss the sale of the mine, President Mokgweetsi Masisi announced it publicly when he launched the manifesto of the Botswana Democratic Party (BDP) in Tlokweng last Saturday.
“We have found an investor who has bought Tati Nickel mine for $20m and the mine is expected to re-open in two years,” said Masisi, hinting at hopes for jobs.
Postponed
The government announced late last year that Tati Nickel Mine, which has been part of BCL liquidation, would be sold separately by auction starting from 8th November 2023.
The sale was to be conducted online by WH Auctioneers. It was to be first offered on auction in its entirety, allowing prospective buyers an opportunity to bid on the complete mine assets as one lot.
However, the sale was postponed to the beginning of this year when the auction was said to have attracted only four bidders, according to Minister Moagi.
Closed abruptly
Tati Nickel Mine was shut down abruptly in 2016 reportedly due to non-profitability. Since then, the liquidation process has been ongoing with movable and non-movable assets being put on sale.
Though shut down together with BCL Mine, Tati Nickel Mine at the time was reportedly still doing well in terms of minerals quality as opposed to the sister mine in Selibe-Phikwe. The shutting down of the BCL group rendered thousands of employees jobless overnight.