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African Copper re-starts in Botswana

Secondary crusher at
Mowana mine, which is
due to re-open soon
 
London, England — MININGREVIEW.COM — 14 August 2009 – AIM-listed African Copper Plc has posted a first-half profit aided by a reversal of impairment, and said it was restarting operations at its Mowana mine in Botswana, and was confident about the future.

In a release issued here, the company “’ which put its Mowana mine on care and maintenance in January pending completion of certain financing talks “’ said it had received US$41 million (R328 million) in funding from mining investment firm Zambia Copper Investments Limited (ZCI).

The recapitalisation would help African Copper’s operations to grow to their full potential, the company added.

"Following the ZCI-funded re-capitalisation, we look forward to the monetisation of our reserves base through near-term production and sales. Production is planned to commence by the end of August 2009,” chief executive Chris Fredericks said in a statement.

For the six months ended 30 June, the company posted a pretax profit of £27.7 million (R360 million), compared with a loss of £2.6 million (R34 million) last year.

The company revealed that about £29.6 million pounds (R385 million) of previous impairment costs recognised in 2008 had been written back to its balance sheet.

African Copper also announced that it had appointed David Rodier as its new chairman.

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