HomeBase MetalsZCI provides more funding for African Copper

ZCI provides more funding for African Copper

Pre-stripping underway at
African Copper’s Mowana
project in Botswana
Lusaka, Zambia — MININGREVIEW.COM — 18 May 2009 – Mining investment firm Zambia Copper Investments Limited has confirmed that it will provide failed Botswana mining company African Copper Plc and its subsidiaries with an additional US$25.4 million (R228 million) of funds.
Reuters reports from the Zambian capital that the amended package follows a revised financing offer to African Copper by Natasa Mining Limited, and will enable African Copper to repay in full the 150 million Botswana Pula bonds and accrued interest demanded by Natasa.

Earlier this month, African Copper shareholders rejected a takeover offer from mining investment firm Natasa, which would have replaced the whole board of African Copper, leaving the way open for rival bidder Zambia Copper.

On Friday, Natasa called for the immediate repayment of the principal amount and accrued interest on the bonds, sending shares in AIM-listed African Copper down about 35%.