African Copper closes,puts workers on paid leave

African Copper has announced that its Mowana Mine has been placed on care and maintenance pending the finalisation of negotiations to raise US$15 million (P120m) it needs to stay afloat as copper prices continue to plummet.

In a statement released on Wednesday, the company says as a result of the production halt, all employees other than essential service workers will take accrued paid leave for the next three weeks.

The company announced in December that it was proposing to seek authority from shareholders to issue up to 750,000,000 new ordinary shares as the company desperately needed cash before January 15, 2009 to meet its immediate working capital needs.

Editor's Comment
Women unite for progress

It underscores the indispensable role women play in our society, particularly in building strong households and nurturing families. The recognition of women as the bedrock of our communities is not just a sentiment; it's a call to action for all women to stand together and support each other in their endeavours.The society's aim to instil essential principles and knowledge for national development is crucial. By providing a platform for...

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