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Market: AIM
Sector: General Mining
EPIC: MWA
Latest Price: 5.38p  (5.49% Ascending)
52-week High: 12.00p
52-week Low: 3.36p
Market Cap: 38.77M
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Mwana Africa plc
www.mwanaafrica.com
Mwana Africa plc, formerly African Gold plc, is a resources company. Mwana Africa has interests in three principal areas: base metals, precious metals and diamonds, in a number of countries on the African continent, including Zimbabwe, the Democratic Republic of Congo, South Africa, Angola, Ghana and Botswana. Its principal activities are nickel and gold production, and exploration and development for diamonds and other minerals. On May 21, 2007, Mwana Africa acquired Gravity Diamonds Limited. On December 22, 2007, Mwana Africa plc completed the acquisition of SouthernEra Diamonds Inc. In November 2008, the Company ceased operations of its nickel mines in Zimbabwe.
Full Mwana Africa plc profile here
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Mwana Africa secures US$10 mln loan from SAfrica’s IDC for Freda Rebecca gold mine development

4th Nov 2009, 12:24 pm Mwana Africa secures US$10 mln loan from SAfrica’s IDC for Freda Rebecca gold mine development

Mwana Africa PLC (AIM: MWA) said the Industrial Development Corporation of South Africa (IDC) has approved up to US$10 million debt funding for the Freda Rebecca gold mine in Zimbabwe.

The loan will accelerate the implementation of the mine's refurbishment programme, which is planned to increase production to in excess of 50,000 ounces of gold per year on the completion of Phase II.

Three weeks ago, Mwana announced the first pour of gold following completion of Phase I, and forecast production rates from Phase I to increase to 30,000 ounces of gold per year by the end of 2009.

The first tranche of up to US$4 million will be applied to fund the remaining working capital requirements of Phase I.  The remainder will be used for the capital expenditure and working capital requirements of Phase II.

Freda Rebecca has produced 1,081 ounces of gold since Mwana’s first pour on October 13 2009.

The mine is located near Bindura, approximately 90 kilometres north-east of Harare. Exploration, development and production history in the area dates from 1912. The mine and plant complex were developed by Cluff Gold PLC (AIM: CLF; TSX: CFG) and the first gold pour took place in 1988. In 1996, the mine was acquired by Ashanti Goldfields Zimbabwe which was itself acquired by AngloGold in 2004.

Mwana acquired Freda Rebecca from AngloGold in 2005. Mwana has committed to sell a 15 percent stake to a local investor.  Freda Rebecca achieved production of 98,000 ounces of gold in 2002, however as a result of the social and economic difficulties in Zimbabwe, output from the mine declined sharply and the mine was placed onto care and maintenance in 2007. Mwana announced in March 2009 its intention to restart gold production at Freda Rebecca.

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