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Mowana copper mine gets a new suitor

Mowana copper mine gets a new suitor
UNDER TAKEOVER: Mowana Copper Mine

After almost three years under judicial management, Mowana Copper Mine in Dukwi has attracted new owners.

The previous operator of the mine, Cradle Arc has been in provisional liquidation since October, 15th, 2020 and in the hands of the provisional liquidator, Terrence Dambe.

However, the Competition and Consumer Authority has said that it has received a notification for the acquisition of 100 percent shares in Cradle Arc Investments by a company called Max Power Limited (MPL).

MPL is described as a holding company incorporated in the laws of Mauritius and wholly-owned by a certain Gregory Elias who is a citizen of the Netherlands.

Elias reportedly controls, directly and indirectly, United International Holdings, a holding company that has interests in companies that provide trust and banking services.

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It is said that in Botswana he controls MPL Mining (Pty) Ltd which is a limited liability company registered in the country.

MPL is a special purpose vehicle (SPV) that is established to enter into a series of transactions pursuant to which, through its subsidiary-MP Mining, seeks to restore the Mowana Mine which has been in care and maintenance since December 2018 to full production and subsequently take over Mowana Mine.

Currently, MPL does not produce or sell any products into or from Botswana.

In 2018, Cradle Arc applied to the court to have Leboam, a company that ran Mowana Mine and in which Cradle held 60 percent shareholding, be put under provisional liquidation after it ran into financial troubles with the company reportedly failing to pay its employees’ salaries.

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