Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Alecto says Mowana due diligence nearly complete, will seek funds to complete deal

The Mowana mine returned to production in March and is expected to ramp up to 100,000 tonnes of ore processed this month
picture of copper tubes
Mowana resumed production in March

Alecto Minerals PLC’s (LON:ALO) due diligence on the Mowana copper mine in Botswana is nearly complete and it expects to start a funding exercise shortly to complete the deal.

The Mowana mine returned to production in March and is expected to ramp up to 100,000 tonnes of ore processed this month with 3,286 tonnes of copper concentrate produced.

Working capital in the ramp up phase has been provided by Alecto and Fujax Minerals and Energy Limited, the offtake partner of Alecto subsidiary Leboam. 

Alecto currently has cash balances of approximately £140,000, which tis sufficient to cover expected corporate costs through to completion of the acquisition on the current anticipated timetable.   

Alecto added it had also appointed mining heavyweight Roger Williams as a non-executive director with immediate effect.

Williams was previously CFO of Randgold Resources Limited and JSE-listed AECI Limited. He is interim Commercial Executive for Digby Wells and Associates, an environmental and social consultancy to the resources sector in Africa.

View full CRA profile View Profile

Cradle Arc Plc Timeline

Related Articles

Gold pour
March 15 2018
Total gold equivalent ounces (GEOs) produced clocked in at 189,456, up 17% on the 161,289 GEOs produced in 2016...
1526401963_shutterstock_130308137.jpg
May 15 2018
It has hired engineer Hatch Ltd to look at a potential autoclave to produce gold bars
Picture of map of projects
May 08 2018
The company will be turning a profit as plenty of other players in the sector are a long way from generating first revenues.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use