Shares in African Copper (LON:ACU) plummeted almost 70% in early deals after the group told investors it will de-list from the stock market in order to save money.
In order to secure working capital the embattled mining junior also announced it will take a US$1.5mln unsecured loan from an associate of its largest shareholder ZCI Limited.
African Copper owes ZCI, a 73.4% shareholder, over US$100mln of outstanding debt. Today’s loan carries interest of 9% and is due to be paid in three monthly instalments of US$500,000 between September and November 2015.
The company also detailed mining plans designed to generate sustaining cash flows, whilst longer term options are assessed for the Thakadu mine, which is nearing the end of its scheduled mine life, and the Mowana open pit where waste stripping activities were suspended in February.
On AIM, African Copper shares fell 0.27p, 68%, to trade at 0.12p.