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August 16, 2009

African Copper to Restart Botswana Mine

Base metals explorer African Copper plans to restart the Mowana mine in Botswana by the end of August, following a financing arrangement with its major shareholder, the company said. Zambian Copper Investments (ZCI), which owns a majority stake in African Copper, has reviewed the projec

By cms admin

Base metals explorer African Copper plans to restart the Mowana mine in Botswana by the end of August, following a financing arrangement with its major shareholder, the company said.

Zambian Copper Investments (ZCI), which owns a majority stake in African Copper, has reviewed the project and agreed to provide funds to restart the mine, which was put on care-and-maintenance earlier this year, miningweekly.com reports.

The financing package with ZCI includes two secured bridging loan facilities of $7m and $25.4m, as well as a four-year secured part convertible credit facility of about $31m.

ZCI has also subscribed for 676.5 million new shares at 1p a share, totalling $9.9m.

The ZCI shareholder approval of the loan facility is expected in September.

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