SA firm buys Mowana mine

Friday, November 25, 2016

Mowana and Thakadu mines will reopen after finding new buyers

A South African firm, PenMin Holdings has been identified as the company that has offered to buy the mothballed Mowana and Thakadu copper mines.

The two mines, which are owned by Johannesburg Stock Exchange -listed ZCI Investments through its operating subsidiary Messina Copper Botswana (MCB), were placed under provisional liquidation twelve months ago after failing to pay creditors. Holding company ZCI this week said it had received a proposal from Leboam Holdings to acquire its Messina Copper assets.

Leboam, the acquiring enterprise, is an entity registered in Botswana and is wholly owned by Cradle Arc Investments, which is a newly registered entity, established for the purposes of this transaction.

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