AFRICAN PIONEER PLC O.N.

African Pioneer has signed a binding agreement with Hong Kong Xinhai Mining Services for financing and technical services for the Ongombo and Ongeama copper projects in Namibia. Xinhai will provide a secured loan and may receive up to about 74% of the shares in a project holding as repayment; additionally Xinhai will subscribe for shares and receive warrants. Milestones include 7,000 metres of drilling, detailed technical design, delivery of construction equipment and the commercial operation of a processing plant with an annual capacity of 720,000 tonnes; the agreement remains subject to conditions precedent and regulatory and stock exchange approvals. » More on de.investing.com