This is according to a statement issued which notes that the first creditors meeting of Messina Copper, which owns the Mowana copper mine in Botswana, will take place on 15 March 2016, in Gaborone.
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.
At the creditors’ meeting, it is expected that Max Marinelli, of Deloitte Botswana, will be formally appointed as the liquidator following his earlier appointment as the provisional liquidator.
[quote]Venmyn Deloitte director Chris de Vries and senior manager Munyar Chirisa, who are assisting the liquidator in the care and maintenance process, will provide an update to the creditors on the care and maintenance proceedings at the mine, which is currently closed, with all staff employment having been terminated.
The liquidator, once formally appointed, will follow a mandate from creditors to find an anchor investor to maximise the potential proceedings from the liquidation proceedings, and allow for the long-term future of the Mowana mine, or to realise cash from the assets in the quickest way possible.
African Copper liquidation background
African Copper’s application to de-list from the Botswana Stock Exchange (BSE) was granted in August last year.
27 August 2015 was the last day for trading ordinary shares of African Copper listed on the BSE.
In May 2015, African Copper announced that due to the early termination of its Thakadu mine, coupled with unforeseen shortfalls in production, it had found itself in a current working capital deficit.
It was able to secure two loan facilities of US$1.5 million and $2 million from the Copperbelt Development Foundation (CDF) to assist with working capital requirements this year.