African Copper gets USD 7.5mn loan for Botswana exploration.

By bne IntelliNews November 30, 2010
Botswana-focused copper producer African Copper has secured a USD 7.5mn loan from its controlling shareholder Zambia Copper Investments Ltd (ZCI) to finance exploration work at its exploration projects in Botswana. The purpose of the debt funding is to enable exploration drilling on the company's Matsitama Exploration Project and Mowana North deposit and the completion of a scoping study for the Makala deposits as well as plant enhancements, the AIM-listed company said in a statement. Under the terms of the loan, the company will receive USD 7.5mn immediately, at an interest rate of 12% per annum payable half yearly, to be repaid on or before November 30 2014. The loan may be renewed for a further two years, subject to ZCI giving its written consent prior to the repayment date. The Matsitama project, near the companys producing Mowana mine, encompasses the Matsitama Schist Belt, which has demonstrated similarities to IOCG deposit types, and consists of four licences totaling 2,276 sq km in extent. ZCI currently owns 82.16% of African Copper's shares.

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