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Diversified mining group, Asa Resource is mulling the disposal of its Zimbabwean mining units as the group continues to operate in unclear circumstances following boardroom wrangles and fraud allegations that have dominated since 2016.
Information at hand shows that a decision, expected to see the mines being disposed of individually, has already been made.
Asa formerly Mwana Africa Plc, used to be listed on the Alternative Investment Market and has assets in Zimbabwe, South Africa and the Democratic Republic of the Congo (DRC).
In Zimbabwe, the mining group owns Zimbabwe Stock Exchange-listed Bindura Nickel Corporation (BNC) and Freda Rebecca Gold Mine and Hunters Road.
A well-paced source with the mining group, told Business Weekly that bondholders for the BNC smelter restart were notified of the decision to dispose of the mining assets by the company’s administrator three weeks ago.
“The mines have been put up for sale as separate assets and the decision was communicated to bondholders three weeks ago,” said the source.
Contacted for comment Asa Plc legal advisor Barry Dearing referred all questions to the group’s lead administrator Mark Skelton who also could not be reached for comment.
The takeover of Asa Resource by Chinese shareholders, China International Mining Group Corporation (CIMGC) led by Yat Hoi Ning, was expected to usher a new era for the group, which entailed improved opportunities to access Chinese capital required existing to expand operations.
Online Reporter