Alecto Minerals to buy Mowana for P89.7m

New owners: Mowana mine has been sold to Alecto Minerals
New owners: Mowana mine has been sold to Alecto Minerals

British gold miner, Alecto Minerals is to buy Cradle Arc Investments, which holds a 60% stake in the Mowana copper mine in Botswana for about P89.7m (£6.72 million).

The AIM-listed company will pay £1-m in cash and the rest with the issue of 8.79m shares of 0.01p at 0.065p each, that will represent 60% of the issued share capital of Alecto, which in total amounts to about £6.72m.

The proposed acquisition is considered a reverse takeover and so the company’s shares will be suspended on AIM from Wednesday until the deal is approved by shareholders.

Editor's Comment
Human rights are sacred

It highlights the need to protect rights such as access to clean water, education, healthcare and freedom of expression.President Duma Boko, rightly honours past interventions from securing a dignified burial for Gaoberekwe Pitseng in the CKGR to promoting linguistic inclusion. Yet, they also expose a critical truth, that a nation cannot sustainably protect its people through ad hoc acts of compassion alone.It is time for both government and the...

Have a Story? Send Us a tip
arrow up