| Home : June 2012 : June 08, 2012 News : African Copper Plc: Additional USD6.0 Million Working Capital Facility and Mowana Mine Facilities Update |
African Copper Plc: Additional USD6.0 Million Working Capital Facility and Mowana Mine Facilities Update |
June 08, 2012
LONDON, UNITED KINGDOM--(Marketwire - June 8, 2012) - African Copper ("ACU" or "the Company") (AIM:ACU)(BOTSWANA:AFRICAN COPPER), the copper production and exploration company focussed on Botswana, announces that it has secured an additional loan of USD6.0 million from its controlling shareholder ZCI Limited ("ZCI"). The purpose of the new loan is to provide the Company with further working capital for its Mowana Mine facilities, partially to cover the funding gap caused by the failure of the Ball Mill pinion shaft in May 2012. This has impacted working capital since normal payables were incurred in May 2012 but revenues were significantly reduced. The Mowana plant resumed operations on 5 June 2012 after the successful replacement of the pinion shaft, mill gearbox and liners. Daily production is progressively increasing and management is looking to exceed the record production level of 809 Mt of copper in concentrate that was realized in March 2012.
http://www.marketwire.com/mw/release.do?id=1666982&sourceType=3
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