African Copper needs $15m to stay afloat

The company, which operates Mowana Mine near Dukwi, said in the event that shareholders do not approve the issue or receive any alternative funding from other sources, it will not be able to meet its obligations and continue as a going concern beyond approximately January 15, 2009.

The copper producing company said failure to raise the cash means it will not be able to fund and implement its interim plan geared to maximising operating margins and minimising capital and expenditure.