Discovery secures P1bn for underground mine

Tuesday, February 10, 2015

The future of the Boseto project lies in the mining going underground

Discovery Metals Limited (DML) has secured a $110-million (P1.05 billion) investment from equity fund, Castlepines Global Equities to develop the Zeta underground mine at the Boseto copper project, near Maun, and to pay its debts.

In a statement released to the Botswana Stock Exchange (BSE) yesterday, DML said it had signed a binding MOU that would culminate in Castlepines investing $110-million in Discovery’s wholly owned subsidiary Discovery Copper, which owns the Boseto project.

In return, Castlepines would receive a 34 percent interest ownership in Discovery Copper.

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