Freda Rebecca first-half output doubles

comparable period.
Parent company Mwana Africa reported a narrower first-half loss, driven mainly by the improved production performance at Freda Rebecca. The April-September pretax loss was US$700 000, compared with a loss of US$12 million in the prior year.
At US$37,6 million, revenue more than doubled from the previous period.
Mwana Africa chief executive officer Mr Kalaa Mpinga noted the improved performance at Freda.
“Freda Rebecca in particular has performed extremely well over the last six months, reaching its phase two production target three months early.
“Our team at the mine is working hard to optimise all processes to ensure this high level of performance continues to be met,” he said.
Mwana says it is still engaged with the Government as it seeks to comply with the indigenisation requirements to cede a minimum of 51 percent of its equity to local (indigenous) shareholding.
“Mwana continues to engage with the Zimbabwe Government, to meet indigenisation requirements for its operations and is confident that a satisfactory solution will be found,” said the company in a statement.
Freda Rebecca Mine showed strong performance by meeting its phase two 50 000 ounces per annum production target rate in the quarter ended September this year.