Zeta put on hold

Monday, September 22, 2014

Copper miner Discovery Metals Limited (DML) has placed the development of its Zeta underground mine, at the Boseto copper project, near Maun, on hold.

The miner said this week that a proposed A$25.7-million rights issue, which was announced at the start of September this year, would not proceed, after the company’s lenders claimed a breach.

The lenders claimed that an updated business plan provided by DML in August, had not been in the correct form, and had been deemed unsatisfactory. The lenders have reserved their rights.

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