In a statement on its website, African Copper said private placement, scheduled to close tomorrow (June 26), was subject to certain conditions, including the approval of the Toronto Stock Exchange and admission of the placing shares to trading on the Aim - market of the London Stock Exchange.
"The Botswana Stock Exchange has been very successful in facilitating the investment of domestic and international savings into financial economic growth and diversification within Botswana. This share placement from managers of Botswana pension assets strengthens African Copper's ties with the local community and further promotes investment from the Botswana private sector.
"African Copper is committed to promoting expansion and growth of the Botswana economy as it develops its first mine at the Dukwe mining project," said African Copper chief executive, Joseph Hamilton.
African Copper is developing its first copper mine at the Dukwe mining project, which is scheduled to start production in the first quarter of 2008.
The flotation concentrator at Dukwe has been designed for a 3 000 t/d throughput producing about 44-million pounds of copper in concentrate annually at full production.
Initial production was expected to be from open pit, followed by underground mining of sulphides.
Early this year, the Botswana government declined to buy a 15 percent stake in African Copper.
Hamilton, however, said in an interview with Mmegi that the company viewed the decline by government as a strong vote of confidence in the management of the company.
He said even though African Copper would have welcomed any government participation, it is not required for the development of the project.
In our case, the government of Botswana elected to allow African Copper to develop the mine on a 100 percent basis.
African Copper is fully financed to develop the mine as currently designed and does not require any government assistance, he said.
Hamilton noted that company shares are available to any investor at any time whether foreign, individual or corporate.
The shares of African Copper trade through the facilities of the Botswana Stock Exchange, the London AIM exchange and the Toronto Stock Exchange.
