… country’s sole gold mine and after a lengthy battle amongst rival bidders, are finally nearing closure.The Court of Appeal (CoA) last week ruled in favour of the Nova Africa consortium and the liquidator, Kopanang Thekiso, over the legal challenges of rival bidder, Ulsan Botswana …
Court of Appeal clears Mupane mine asset sale for workers
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·Weekend Post
… The court dismissed the legal challenge from rival bidder Ulsan Botswana, describing it as “drawn from the depths of emptiness.” The dispute originated after Mupane Gold Mining was placed under final liquidation in February 2025, following a petition by the Mineworkers’ Union on …
Nova and liquidator, Kopanang Thekiso, have been battling Ulsan since last year, over a creditors’ decision to approve the sale of the country’s sole gold mine to Nova. …
… The interdict was granted to Ulsan Botswana, a losing bidder that challenged the selection of Nova as the preferred buyer, citing irregularities in the tender process.
The Court of Appeal ruled in favour of the Nova Africa consortium and liquidator Kopanang Thekiso over rival bidder Ulsan Botswana in the Mupane Gold Mine liquidation proceedings, which the Botswana Mineworkers Union initiated in February 2025 on behalf of frustrated members.
Why it matters
Court of Appeal backs Nova Africa consortium for Mupane Gold Mine, ending liquidation dispute and opening path for mining operations.
The Court of Appeal ruled in favour of the Nova Africa consortium and liquidator Kopanang Thekiso over rival bidder Ulsan Botswana in the Mupane Gold Mine liquidation proceedings, which the Botswana Mineworkers Union initiated in February 2025 on behalf of frustrated members.
Botswana's Court of Appeal has set aside a High Court interim interdict, allowing the liquidation and sale of Mupane Gold Mining's assets to proceed. The Nova Africa Resources/Aone Commodities DMCC Joint Venture's bid of USD 21.5 million upfront was recommended by the liquidator and endorsed by creditors over Ulsan Botswana's USD 500,000 upfront offer.
A Court of Appeal bench has set aside Ulsan Botswana's High Court interdict against the sale of Mupane, the country's sole gold mine, to Nova Africa. The CoA upheld the creditors' earlier decision to approve Nova's $21 million offer over Ulsan's rival bid.
The Court of Appeal will announce its judgment in two weeks on an appeal concerning Mupane, a gold mine that closed in March 2024 and went to auction in April 2025 with three bids. The appeal was filed by the mine's liquidator and the initial winning bidder Nova Africa Resources after a High Court interdict halted the sale, granted to losing bidder Ulsan Botswana over alleged tender irregularities.