African Copper Plc

African Copper Plc

November 30, 2009 10:26 ET

Extension of Loan Facility and Appointment of General Manager

LONDON, UNITED KINGDOM--(Marketwire - Nov. 30, 2009) - African Copper Plc ("ACU" or the "Company")(AIM:ACU)(BOTSWANA:AFRICAN COPPER) and Zambia Copper Investments ("ZCI") have agreed to extend the date by which African Copper is required to repay to ZCI the secured US$7 million facility (the "Initial Bridge Loan") and the secured US$25.4 million bridge loan facility (the "Second Bridge Loan") from 30 November 2009 to 31 January 2010. This extension is expected to provide ZCI with sufficient time to obtain the required approval from ZCI shareholders to replace the Initial Bridge Loan and The Second Bridge Loan with a four year secured credit facility of US$31,129,100 (the "Convertible Loan Facility"). ZCI shareholder approval, which was expected in September 2009, has been delayed as a result of the extensive quantum of technical work which was required in order to compile the necessary report to satisfy South African regulatory authorities. The Term Loan Facility will place ACU's borrowings from ZCI on a more permanent footing.

The Company is also pleased to announce that Mr. Ralph Rossouw will be joining the Mowana Mine as General Manager from the 1st December 2009. Mr. Rossouw is a qualified Mining Engineer and registered Professional Engineer with a wealth of experience that encompasses all aspects of base metals mining. Mr. Rossouw will be reporting directly to the Board of African Copper Plc.

Chris Fredericks, ACU Chief Executive Officer commented: "We are delighted that Ralph has agreed to join the Mowana team as General Manager. His experience ideally complements the strong operating team we have assembled in Botswana and we look forward to the addition of his significant operational experience to lead the Mine as the operation seeks to develop to its full future productive potential."

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Contact Information

  • African Copper Plc
    Chris Fredericks
    Chief Executive Officer
    +27 (11) 783 3815
    African Copper Plc
    Brad Kipp
    Chief Financial Officer
    (416) 847-4866
    Canaccord Adams (NOMAD and Broker)
    Andrew Chubb/Tarica Mpinga
    +44 (0) 207 0506 500