(Ecofin Agency) - The Mining company Cradle Arc, active on Mowana copper project in Botswana, announced it has secured a $10 million loan as additional working capital to fund the project’s accelerated development plan, and repay part of its outstanding loan.

The AIM-listed company reported in an operational update that it realized an untapped mineral resource’s estimate at the mine, under the JORC code. Data from this estimation showed that the mine hosts an overall resource of 75 million tons of copper at 1.15% (861, 000 copper content).

Following this positive update, Cradle decided to implement a plan to rapidly reach deep-lying ores with higher recovery rate, to faster achieve stable production and generate positive cash flows.

“Mowana has demonstrated its significant scale and, following the successful recommencement of production during 2017, our focus has now turned from the testing to increasing throughput and building towards profitability,” said the CEO Kevin van Wouw.

Louis-Nino Kansoun