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Cradle Arc suspended as loan deal falls through

The board is seeking insolvency advice, said the statement
copper
Copper mining at Mowana has been suspended

Botswana-based copper miner Cradle Arc PLC’s (LON:CRA) future was placed in severe doubt last night after a proposed US$4mln loan fell through.

Mining at the Mowana site has been suspended with trading in the junior’s shares also halted.

READ: Cradle Arc ticks up as it hails “vote of confidence” in Mowana project with working capital extension

Fujax Minerals provided US$1mln of the loan but wanted security over Mowana for all of its loans before it would provide the remainder.

Other secured lenders with a charge over the mine were not willing to agree to this, said Cradle Arc.

The board is seeking insolvency advice, said the statement.

 

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