Botswana Scrutinises Foreign Bidders for Mupane Gold Mine to Protect Mining Integrity

Botswana Scrutinises Foreign Bidders for Mupane Gold Mine to Protect Mining Integrity. The Government of Botswana has taken proactive steps to verify the legitimacy of foreign companies bidding to acquire the liquidated Mupane Gold Mine, raising the bar for transparency and due diligence in the country’s mining sector.

This development comes after growing concerns over the operational history and credibility of some companies that recently submitted bids. According to a letter from the Minister of Minerals and Energy, Hon. Bogolo Kenewendo, addressed to the Leader of Opposition, Hon. Dumelang Saleshando, ten bids were received by the liquidator. Most met the 13 July 2025 deadline, except for Nova Africa Resources SPV, which submitted its bid a day later.

Both Nova Africa Resources and Ulsan Botswana—registered in May 2025—have emerged as finalists. Their recent establishment sparked questions about their financial strength and mining expertise. In response, the Ministry engaged Turkish authorities to verify the background of both companies.

The government has since confirmed that Ulsan Botswana is a subsidiary of Ulsan Holdings, a mining company operating in Turkey and the Democratic Republic of Congo. Nova Africa Resources has partnered with AgaOne, which is linked to Turkey-based bullion trading firm Aga Bullion.

Officials emphasized that thorough due diligence is standard procedure when foreign entities are involved in acquiring local mining assets. All shortlisted companies will be assessed for financial solvency, technical know-how, and adherence to ethical business standards before mining rights are transferred.

Although the government clarified it is not directly involved in the liquidation process—led by Mr. Kopanang Thekiso and Armstrongs Attorneys—it reaffirmed its role in maintaining oversight and upholding national interests.