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Botswana to continue annual US$130M for state miner to save more than 5,000 jobs

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Botswana to continue annual US$130M for state miner to save more than 5,000 jobs

Botswana's government plans to maintain annual spending ofUS$130 million on state-owned nickel and copper producer topreserve more than 5,000 jobs, Bloomberg News reported July 18, citing thecountry's Vice President Mokgweetsi Masisi.

Earlier, the government advanced a US$100 million loan torecapitalize the company in April while the state miner started a affecting upto 2,000 employees to reduce operational and salary costs to save the companyfrom collapsing.

Botswana plans to offload its stake in BCL upon the companyreturning to profitability, according to Bloomberg.

Masisi said the government is continuously reviewing thecosts matrix, with the value proposition needed to be taken into account.

However, the operation remains "unprofitable,unsustainable and expensive," Masisi added.