Mowana Mine closes, sends 400 workers home

The troubled mine has been battling declining copper prices since 2008 and African Copper’s latest financial results show that the company recorded a loss of $8.8 million (P89 million) for the six-month period ended September 30, 2014, compared with a loss of $29.1 million for the corresponding period in 2013.

African Copper shut down its adjacent mine, Thakadu, earlier this year while warning that continued operations were dependent on an improvement in copper prices and additional funding.