African Copper, the Botswana Stock Exchange quoted company said its main shareholder, ZCI Limited has halted its decision to unlock value from its investment in the company with key assets in Botswana.

ZCI earlier this year advised that it has initiated a process intended to unlock value from its investment in African Copper. African Copper then issued a cautionary where it is listed a move that has now been withdrawn.

“Shareholders are advised that the board of ZCI (the Board) has elected to suspend the aforementioned process in light of the effect of adverse global market conditions on junior mining companies and the general increased risk aversion among investors as a result of economic uncertainty and volatility,” African Copper said.

“ZCI has received a number of proposals which the board believes did not reflect the intrinsic value of African Copper and accordingly has chosen not to proceed with these at this juncture.”

The company added that the board is continuing to work towards realising the full value of its investment in African Copper.

Tom Kamwendo, CEO of ZCI said the company remains committed to African Copper adding ‘we are very encouraged with the operational performance and turn-around strategy which has been implemented by African Copper over the last year’.

“Whilst recent production has exceeded our expectations, African Copper continues to evaluate options to enhance the output and life of its operations through increasing the confidence in its resource base and the economic extraction thereof,” he said.

African Copper therefore said the cautionary announcements are withdrawn. “As a result, African Copper shareholders are no longer required to exercise caution when dealing in the Company’s securities.”