ZCI opens another $2m loan for ailing African Copper
JOHANNESBURG (miningweekly.com) – Cash-strapped copper producer African Copper has secured another $2-million unsecured loan facility from parent company ZCI’s controlling party, the Copperbelt Development Foundation.
This brought the subsidiary’s interest-bearing loans with ZCI to $102.3-million, excluding an existing $7.3-million convertible loan.
The new loan facility, which would provide the subsidiary with short-term working capital, followed on a $1.5-million unsecured and a $4.5-million secured loan facility in May and February respectively as the company sought out long-term funding.
The facility had an interest rate of 9% a year, with the principal and accrued interest repayable in full by March 31.
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