/ 22 February 1999

TCL SALE POSTPONED

NAMIBIAN copper mining company Tsumeb Corporation Limited was yanked back from the brink of sale on Thursday when creditors were informed that the sale had to be postponed. Joint provisional liquidator Ian McLaren yesterday directed a letter to all known creditors of TCL to tell them that it had not been possible to proceed with the sale of TCL as a going concern as planned because a potential buyer’s financial arrangements had not been finalised. McLaren recommended creditors to accept the Metals & Mining Corporation’s offer to buy TCL for N$146,75-million, enabling creditors to recover 65 cents of every Namibian dollar they are owed by the collapsed firm.