PNR signs agreement with BCL Liquidator

Premium Nickel Resources( PNR) has announced that it has completed the Exclusivity Memorandum of Understanding ( MOU) with the Liquidator which will govern a six- month exclusivity period to complete its due diligence and related purchase agreements on the Botswana nickel- copper- cobalt ( Ni- Cu- Co) assets formerly operated by BCL Limited that are currently in liquidation.

Lefoko Moagi, the Minister of Mineral Resources, Green Technology and Energy Security of Botswana has previously affirmed in Parliament a press release by the Liquidator for the BCL Group of Companies, stating that PNR was selected as the preferred bidder to acquire assets formerly owned by BCL.

According to a statement, PNR will now start an estimated six- month systematic due diligence program. During this period, PNR will complete an environmental assessment, a metallurgical study, a review of legal and social responsibilities, a review of the mine closure and rehabilitation plans and an on- site inspection of the legacy mining infrastructure and equipment that has been under care & maintenance. Concurrent with this due diligence program PNR will negotiate definitive agreements to finalize terms on the prioritized assets to be purchased.

PNR CEO, Keith Morrison commented, “The World, Botswana and the mining industry have changed dramatically since mining first started at the former BCL assets in the early 1970s. The nickel- copper- cobalt resources remaining at these mines are now critical metals, required for the continued development of a decarbonized and electrified global economy. As we move forward, it is our goal to demonstrate the potential economics of redeveloping a combination of the former BCL assets to produce Ni- Cu- Co and water in a manner that is inclusive of modern environmental, social and corporate governance responsibilities. To attain this, extensive upgrades to infrastructure will be required with an emphasis on safety, sustainability and the application of new technologies to minimize the environmental impact and total carbon footprint for the new operations. Our team remains committed to working with the local communities and all of the stakeholders throughout this period and we encourage anyone with questions or feedback to reach out to us directly.”

The World, Botswana and the mining industry have changed dramatically since mining first started at the former BCL assets in the early 1970s.