Mowana Mine faces liquidation over P47m debt

Mowana Mine
Mowana Mine

African Copper, the promoters of Mowana Mine, face liquidation this week over a P47 millon debt to mining contractor, Diesel Power Botswana.

In an application to be heard by the Francistown High Court on Thursday, DP Botswana is seeking an urgent provisional order for winding-up of Messina Copper, which trades as African Copper.

A statement released by Diesel Power’s JSE-listed parent company, Buildmax says a provision against the debt is likely to affect the company’s 2016 financial results by up to R90 million.  “DP Botswana’s current aggregated exposure to Messina Copper is approximately P47 million. As at the date of this announcement, the board of directors of Buildmax cannot reliably estimate the extent of any potential proceeds arising as a result of the liquidation proceedings.

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