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ZCI to provide African Copper with extra funding

Reuters | Mon, 18 May 2009 10:25
[miningmx.com] -- Mining investment firm Zambia Copper Investments Ltd said on Monday it will provide African Copper Plc and its subsidiaries with an additional $25.4 million of funds.

The amended package follows a revised financing offer to African Copper by Natasa Mining Ltd and will enable African Copper to repay in full the 150 million Botswana Pula bonds and accrued interest demanded by Natasa.

Earlier this month, African Copper shareholders rejected a takeover offer from mining investment firm Natasa, which would have replaced the whole board of African Copper, leaving the way open for rival bidder Zambia Copper.

On Friday, Natasa called for the immediate repayment of principal amount and accrued interest on the bonds, sending shares in AIM-listed African Copper down about 35 percent.


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