ZCI receives offer for Messina Copper assets
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation