African Copper�s debt balloons to P1,2 bn

Mowana Mine
Mowana Mine

Cash-strapped copper producer, African Copper has secured another $2 million (P20 million) loan facility from parent company ZCI’s controlling party, the Copperbelt Development Foundation.

This brings the Botswana subsidiary’s interest-bearing loans with ZCI to $102,3 million (P1,2  billion).

The new loan facility, which would provide the subsidiary with short-term working capital, followed on a $1.5-million unsecured and a $4.5-million secured loan facility in May and February respectively as the company sought out long-term funding.

Editor's Comment
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