SA firm buys Mowana mine

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.