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African Copper Plc’s ZCI Limited, has entered into an additional loan facility of $2.5 million to be provided to its subsidiary, Copperbelt Development Foundation (CDF), according to African Mining.com
ZCI entered into the additional agreement to provide CDF with further working capital for the Mowana Mine facilities. The facility will cover the funding gap created by the amount of waste stripping required to manage the transition of mining activities from the Thakadu pit to the Mowana pit.
The $2.5 million secured loan facility has a simple interest rate of 9% and is repayable in five equal monthly instalments of $500 000 in loan capital commencing on 19 January 2016.
ZCI is a copper exploration and development company with operations in Botswana.
