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Zambia Copper Investments (ZCI) has announced that Leboam Holdings has made a bid to acquire Messina Copper’s assets.

Leboam Holdings is the preferred bidder for Messina Copper’s assets and is owned by Cradle Arc Investments. Cradle Arc is newly registered in Botswana and was established for the purpose of the transaction; it is wholly owned by PenMin, a South African company that offers mining, infrastructure and construction business solutions.

ZCI further said that ZCI will become a shareholder in Leboam when its acquisition of Messina Copper becomes effective. ZCI is the holding company of African Copper Investments, which holds Messina Copper.

Leboam’s acquisition of the Messina assets are subject to certain suspensive conditions, including approval by the Competition Authority of Botswana.

ZCI had advised shareholders on 14 November that negotiations with Leboam were underway and that the deadline for the satisfaction of the conditions had been extended until 30 November.

African Copper said in February this year that its subsidiary, Messina Copper,  which is undergoing liquidation, had received interest from several investors.

The Botswanan copper producer went into provisional liquidation on 13 November 2015, and final liquidation on 13 December 2015.

The mine owns a fully-operational processing plant and open pit with positive potential.