Alecto ramps up production at Mowana mine

Mowana Mine restarted operations early this year
Mowana Mine restarted operations early this year

AIM-listed miner, Alecto Minerals has raised £800, 000 (P10 million) through the issue of further convertible loan notes to further complete its reverse takeover of Cradle Arc Investments, which owns the Mowana copper mine.

The mine is ramping up to full production capacity and is on track to deliver production of 12,000t of copper concentrate in the third quarter. 

The funds raised will be used to provide a loan of up to $1-million to Cradle to meet the working capital requirements at Mowana during the ramp-up phase.

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