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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.

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