The government, acting through its wholly owned investment arm, the Minerals Development Company Botswana (MDCB), is standing by financially distressed Minergy Coal, even as the Masama Coal Mine operator faces mounting operational, legal and market pressures.
MDCB recently moved to clarify public misconceptions about its relationship with Minergy. While not a shareholder, the corporation has extended nearly P1 billion in convertible and non-convertible loans to the coal miner, secured by the mine’s assets. These loans, MDCB said, fall under its mandate to support strategic investments in the country’s mining sector.
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