https://www.engineeringnews.co.za

ZCI receives offer for Messina Copper assets

22nd November 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Holding company ZCI on Tuesday said that it had received a proposal from Leboam Holdings to acquire its Messina Copper assets in Botswana.

The company in November 2015 applied for the provisional liquidation of Messina Copper, an operating subsidiary of ZCI's subsidiary, African Copper, which had been facing financial troubles owing to ongoing volatility in the copper market, as well as cash flow shortfalls.

Messina in August had interest-bearing loans totalling $104.9-million, excluding an existing convertible loan of a further $7.4-million.

Leboam, the acquiring enterprise, is an entity registered in Botswana and is wholly owned by Cradle Arc Investments, which is a newly registered entity, established for the purposes of this transaction.

Cradle Arc is, currently, wholly owned by PenMin, an entity incorporated in accordance with the laws of South Africa which offers mining, infrastructure and construction business solutions.

With effect from the acquisition’s effective date, ZCI will become a shareholder in Leboam.

The acquisition of the Messina assets by Leboam is subject to certain suspensive conditions to the offer being satisfied on October 28, including approval by the Competition Authority of Botswana.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.935s - 140pq - 2rq
Subscribe Now