African Copper�s debt balloons to P1,2 bn
Tuesday, July 14, 2015
Mowana Mine
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.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...