- Tsaone Segaetsho
In a brief interview with The Executive Botswana this week, Mupane Gold Mine (Pty) Ltd liquidator, Kopanang Thekiso, confirmed that creditors’ claims against the company are currently estimated at more than P100 million, a figure that could increase at the next creditors’ meeting scheduled for 26 August 2025 at the Gaborone High Court.
Mupane Gold Mine, Botswana’s only producing gold operation located 50 kilometres east of Francistown, ceased operations in March 2024 after prolonged financial distress. The mine, which is now under liquidation, has since been put up for sale, with bids submitted on 13 June 2025.
Assets on offer include four key licences covering both open-pit and underground operations, alongside associated infrastructure. Reported gold deposits range from 1.05 g/tonne to as high as 2.40 g/tonne.
According to court documents reviewed by this publication, the High Court will next week consider the proof of claims against Mupane Gold Mine, the liquidator’s report submitted to creditors, the bids received for the acquisition of the mine, and any further measures aimed at enhancing recoveries.
Court filings suggest that claims may already exceed P120 million, with new claims continuing to surface since last month’s postponed hearing. Out of 24 initial bidders, only three remain under consideration:
- Trollope Botswana International – A long-established mining services company, active since 1975, specialising in contract mining, drilling, and quarrying.
- ULSAN Botswana – A subsidiary of Turkish-based ULSA Holdings, which operates mines in Turkey, the DRC, and West Africa. ULSAN has submitted a bid of approximately USD 500,000 (about P5 million) for the mine.
- Nova Africa Resources – A locally rooted consortium comprising experienced Batswana mining and corporate professionals. According to filings, its bid is valued at close to P220 million, making it the highest offer.
At the first creditors’ meeting on 20 May 2025, Thekiso reported that the mine’s recorded liabilities were already surpassed by creditor claims. He reiterated this point in his interview this week, noting:
“In terms of the companies’ liabilities we have just gone through the claims… liabilities as shown here are basically what was shown in the companies’ books… but I think the claims supersede whatever we have on this report.”
Financial records reveal that Mupane Gold Mine’s performance has been volatile. The company posted only a modest profit of approximately P200,000 in 2017, followed by consecutive losses in 2018 and 2019, largely driven by impairments of about P50 million. Curiously, 2020 – the year marked by the global pandemic – was its most profitable year, with earnings of P110 million. However, from 2022 to its liquidation in November 2024, the mine recorded cumulative losses of P220 million.
Thekiso further disclosed that three creditors, Minetech, Top Mining and Tau Mining, filed winding-up petitions for unpaid debts, with the Botswana Mine Workers’ Union later joining the action. The union cited concerns over transparency and the potential dissipation of assets, ultimately resulting in the court placing Mupane under liquidation.
Established in 2004, Mupane Gold Mine was originally developed by Australian company Gallery Gold and later acquired by Galane Gold before its eventual transfer to Hawks Mining Company. The mine began operations by extracting ore from the Mupanipani Hills and produced its first gold in November 2004.
