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African Copper Share News (ACU)
Share News for African Copper (ACU)
| Share Price: 1.375 | Bid: 1.25 | Ask: 1.50 | Change: 0.00 (0.00%) |  | ||||||
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UPDATE 1-African Copper pays off Natasa, shares up
Tue, 26th May 2009 09:53
LONDON, May 26 (Reuters) - African Copper said it believes it has satisfied virtually all the
The AIM-listed miner said on Tuesday it has repaid 153 million Botswana Pula ($20.4 million) to Natasa from the bonds issued by its Messina unit and has paid the investment firm a further 15 million Pula ($2.1 million) in settlement for some of Messina's debts.
It has also repaid Natasa $1.5 million for a bridge loan.
The company put its first copper mine, Mowana, on care and maintenance in January pending completion of financing talks. It rejected a takeover offer from Natasa, leaving the way open for rival bidder Zambia Copper Investments Ltd (ZCI).
ZCI agreed a $22.5 million financing package for African Copper and then provided the miner with an additional $25.4 million after Natasa demanded immediate repayment of the Messina bonds earlier this month.
Shares in African Copper were up 22.4 percent at 10.25 pence at 0815 GMT.
'Natasa seems to have a hold on the situation and has made some cash on this after being edged out of the picture somewhat by ZCI,' said Ambrian mining analyst Julian Emery. 'Copper prices are also coming good now but African Copper's shares are up on the bond payment, which is good news for the company.'
The remaining proceeds from the ZCI financing package will be used to repay small creditors as debts become due, African Copper added.
'ACU and ZCI look forward to the completion of all outstanding matters, so that mining operations can recommence, (and) cash can start to flow in following production and sale,' African Copper said in the statement.
(Reporting by Victoria Bryan and Rhys Jones; Editing by Rosalba O'Brien) Keywords: AFRICANCOPPER/NATASA
(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LONDON, May 26 (Reuters) - African Copper said it believes it has satisfied virtually all the
claims made against it by mining investment firm Natasa Mining Ltd and that it is looking to restart mining, sending shares up 22 percent.
The AIM-listed miner said on Tuesday it has repaid 153 million Botswana Pula ($20.4 million) to Natasa from the bonds issued by its Messina unit and has paid the investment firm a further 15 million Pula ($2.1 million) in settlement for some of Messina's debts.
It has also repaid Natasa $1.5 million for a bridge loan.
The company put its first copper mine, Mowana, on care and maintenance in January pending completion of financing talks. It rejected a takeover offer from Natasa, leaving the way open for rival bidder Zambia Copper Investments Ltd (ZCI).
ZCI agreed a $22.5 million financing package for African Copper and then provided the miner with an additional $25.4 million after Natasa demanded immediate repayment of the Messina bonds earlier this month.
Shares in African Copper were up 22.4 percent at 10.25 pence at 0815 GMT.
'Natasa seems to have a hold on the situation and has made some cash on this after being edged out of the picture somewhat by ZCI,' said Ambrian mining analyst Julian Emery. 'Copper prices are also coming good now but African Copper's shares are up on the bond payment, which is good news for the company.'
The remaining proceeds from the ZCI financing package will be used to repay small creditors as debts become due, African Copper added.
'ACU and ZCI look forward to the completion of all outstanding matters, so that mining operations can recommence, (and) cash can start to flow in following production and sale,' African Copper said in the statement.
(Reporting by Victoria Bryan and Rhys Jones; Editing by Rosalba O'Brien) Keywords: AFRICANCOPPER/NATASA
(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
BRIEF-African Copper says review by major shareholder is ongoing
LONDON, April 16 (Reuters) - African Copper PLC: * Says strategic review by 84.19 percent shareholder ZCI is ongoing * Says process ma[16 Apr '12]
BRIEF-African Copper says production jumps in Q1 and Q2
LONDON, Nov 15 (Reuters) - African Copper PLC: * Production for the first and second quarters was 176 per cent and 53 per cent highe[15 Nov '11]
BRIEF-African Copper expects to trade in line with trading update of May 19
LONDON, June 28 (Reuters) - African Copper PLC: * Expects to trade in line with the company's trading update of 19 may 2011 * Notes tr[28 Jun '11]
BRIEF-African Copper gets mining licence for Thakadu deposit in Botswana
LONDON, Dec 14 (Reuters) - African Copper Plc: * Receipt of mining licence for the thakadu copper-silver deposit ((London Equities Ne[14 Dec '10]
BRIEF-African Copper gets interim licence at Botswana site, shares rise
LONDON, Dec 13 (Reuters) - African Copper Plc: * Statement re share price movement * Has received an interim mining licence for the Th[13 Dec '10]
BRIEF-African Copper says solid progress made towards Mowana commercial output
LONDON, Sept 24 (Reuters) - African Copper Plc: * At mowana mine the company continues to make solid progress towards reaching comme[24 Sep '10]
BRIEF-African Copper says crushing units being brought up to full capacity
LONDON, May 4 (Reuters) - African Copper Plc: * Says Mobile crushing units purchased and commissioned, now being brought up to full[4 May '10]
BRIEF-African Copper to receive $10 mln from ZCI for Mowana
LONDON, April 1 (Reuters) - African Copper Plc: * Will receive US$10 million immediately from s'holder zambia copper (ZCI) for Mowana mine[1 Apr '10]
