African Copper gets P45m capital injection

In a statement, the company said that the purpose of the new loan is to provide further working capital for its Mowana Mine facilities, partially to cover the funding gap caused by the failure of the Ball Mill pinion shaft in May 2012.

"This has impacted working capital since normal payables were incurred in May 2012, but revenues were significantly reduced. The Mowana plant resumed operations on  June 5 2012 after the successful replacement of the pinion shaft, mill gearbox and liners. Daily production is progressively increasing and management is looking to exceed the record production level of 809 Mt of copper in concentrate that was realized in March 2012," reads the statement.