Australian copper and nickel mining giant, Discovery Metals Limited (DML), has been  suspended from the Botswana Stock Exchange and Australian Securities Exchange after the closure of its Boseto Copper Mine in western Botswana, where it had majority shares.

“The listing of DML on both the Australian and Botswana Stock Exchanges has been suspended, “said DML Botswana Country Manager, Mokwena Morulane. “The suspension came as a result of the financial difficulties experienced by DML at their Boseto Mine located in Toteng village, some kilometres away from Maun. The mine has since been placed on care and maintenance,” Morulane added.

The troubled DML, which controlled the entire shareholdings of Boseto Copper Mine has since been put on temporary care of voluntary administrators. “The Administrators recognize the significance of Boseto Mine to the Botswana economy and are committed to timeous and transparent engagement with the government of Botswana, relevant statutory bodies and union representatives to ensure the best possible outcome for all affected parties,” he added.

Originally founded as Discovery Nickel Limited, the DML was incorporated in New South Wales, Australia in May 2003 and listed on the Australian Securities Exchange (ASX) in December 2003.

In July 2004, the Company and Falconbridge Exploration (Botswana) Pty Ltd signed a Joint Venture Agreement for the Dikoloti Nickel Project in north-east Botswana. By entering this project, the Company changed from an Australian explorer to a Botswana focused explorer.

By George Mpofu