ZCI - ZCI Limited - Additional Loan Facility Between ZCI And African Copper Plc
ZCI
ZCI
ZCI - ZCI Limited - Additional Loan Facility Between ZCI And African Copper Plc
ZCI Limited
(Bermudian registration number 661:1969
(South African registration number 1970/000023/10)
JSE share code: ZCI ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI" or "the Company")
ADDITIONAL LOAN FACILITY BETWEEN ZCI AND AFRICAN COPPER PLC ("ACU")
ZCI is pleased to announce that it has entered into an additional USD5 million
loan facility agreement with ACU. The purpose of the new loan is to provide ACU
with further working capital and to invest in its Mowana Mine facilities and
operations.
The new USD5 million loan from ZCI is a secured loan facility with an interest
rate of 9.0%, repayable on 31 March 2013 (the "Facility"). Interest will be
accrued and interest payments deferred until 31 March 2013. The terms and
conditions of the Facility are on substantially similar terms to the previous
term loans from ZCI.
USD1 million will be invested in increasing the trucking of ore from the nearby
Thakadu deposit to the Mowana facilities, USD2 million will be invested in a
Larox Filter to be installed at Mowana to reduce moisture content in exported
concentrate and USD2 million of the Facility will be used for general working
capital purposes. Mining and processing at Mowana are making positive progress
toward reaching commercial production levels and earning positive monthly
cashflow. Both the Larox Filter and the increased Thakadu trucking campaign are
key initiatives in the plan to become cash positive.
For further information please visit www.africancopper.com
Bermuda
1 February 2012
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 01/02/2012 09:00:01 Produced by the JSE SENS Department.
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