Sherashiya Pty Ltd, a firm established by Indian mining investors, is finalising the purchase of Pula Steel and plans to resuscitate the Selebi Phikwe plant by next month, following the collapse of a previous takeover attempt by local iron ore producer, Vision Ridge.
Vision Ridge Investments, a company mining iron ore in Ikongwe near Shoshong has bought Pula Steel, the defunct steel processing factory in Selibe Phikwe, for P16 million, the company’s Managing Director Mr Chaten Patil has confirmed.
Botswana’s first iron ore mine, Ikongwe, has started production and delivered its maiden exports to China, a company official told Reuters, as the Southern African country makes headway in efforts to diversify its economy away from diamonds. Although diamond mining’s contribution to GDP has declined over the years and was less than 20% last year, ...