African Copper posts P252 million profit

source: Mmegi
MBONGENI MGUNI
Staff Writer

Junior miner, African Copper has posted a P252 million profit for 2009, with concentrate from its resurgent Mowana Mine leveraging on the strong copper price.

Last January, operations at Mowana were suspended after the UK company suffered a cash flow crisis arising from depressed copper prices.

The suspension came four months after the mine shipped its first concentrate. However, Zambia Copper Investments bailed out the troubled mine last May, enabling the resumption of production in August 2009.

On Tuesday, jubilant AfCopper executives announced that Mowana was back on track, netting P28.7 million from its first sale of copper concentrate after the August 2009 resumption. AfCopper’s results – for the fourth quarter 2009 and the year ending December 2009 – were also boosted by a reversal of impairment losses, owing to [continue reading]

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