[miningmx.com] — Zambia Copper Investments (ZCI) was on
Monday a step closer to re-listing on the JSE after it received shareholder approval for
its plans with African Copper, the copper exploration and development company.
Shareholders agreed that ZCI could replace the US$7 million bridge loan facility
and the US$25.4 million bridge loan facility provided to African Copper in May 2009
with a four year secured credit facility of US$31.1 million.
“This Facility will place African Copper’s borrowings from ZCI on a more
permanent footing,” African Copper said in a statement.
African Copper is tri-listed on London’s AIM market, the Toronto Stock
Exchange and the Botswana Stock Exchange.
Involved in the exploration and development of copper deposits in
Botswana, African Copper is currently developing its first copper mine at the
Mowana Mine.
It also holds permits in exploration properties at the Matsitama Project.
The Mowana Mine is located in the northeastern portion of Botswana and the
Matsitama Project is contiguous to the southern boundary of the Mowana Mine.
Finalisation of the arrangement with African Copper is seen as paving the way for
ZCI’s relisting.
ZCI’s primary asset was until 2008 a 28.4% holding in KCM Copper
Mines but after this stake was sold, ZCI’s assets comprised of cash.
ZCI chairman Tom Kamwendo said last month that once shareholder approval for
the African Copper transaction is obtained the company would cease to be classified
as a cash shell, entitling it to be re-listed on the non ferrous metal section of the main
board of the Johannesburg Stock Exchange.
