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African Copper’s Kipp defends decision to raise local capital

March 08, 2010 - 00:00 GMT

Home banker - Bostwanian banks’ terms are competitive, says Kipp

Banks in Botswana have offered competitive terms for a loan being negotiated with African Copper (ACU) to provide working capital for its Mowana copper mine, cfo Brad Kipp told MB, as he defended the need to raise additional capital. “On the working capital line, we’ve talked to a number of institutions. Botswana banks are pretty competitive for rates,” Kipp told MB, rebuffing criticism that ACU should look to western banks for funding. Western banks would provide better terms, according to analysts and mining executives, who told MB they believe that a local loan would be more expensive. Some have...

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