Suspended Mowana Mine heads for auction

Shuttered: Mowana Mine is inching towards liquidation
Shuttered: Mowana Mine is inching towards liquidation

The High Court has issued a final liquidation order for Mowana Mine, leaving the suspended operation facing a possible auction of its assets early next year.

Owned by African Copper, Mowana and its sister operation, Thakadu, both succumbed to the lowest copper prices in six years, which earlier this year forced the closure of Discovery Metals’ Boseto Mine.

African Copper axed 350 workers at the mines last month, whose termination dues will only be paid after other creditors, who include the majority shareholder, government, banks, contractors and suppliers.

Editor's Comment
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