adminto support operations.
The AIM listed firm announced its unwavering resolve to funding its Zimbabwe projects after the firm’s annual general meeting held last week.
In Zimbabwe Mwana Africa owns 53 percent of Bindura Nickel Corporation, which holds the entire shareholding of the gold miner, Freda Rebecca.
Mwana Africa’s local nickel outfit Bindura Nickel Corporation requires US$26,3 million to finance the restart of the mining and smelting firm. BNC stopped production after it was put under care and maintenance in 2008.
Mr Oliver Baring, who was executive chairman but will now continue in the same capacity as non-executive board member, said they had fought hard to keep the group growing during a very testing economic period.
“Zimbabwe remains a challenging country in which to finance projects but I continue to believe that our strategy to grow production in Zimbabwe while continuing to invest in our most promising exploration projects remains the right one,” said Mr Barring after the AGM.
Mwana Africa Plc announced last week that Mr Baring would become non-executive chairman of the London listed group with effect from October 1 2011, but chief executive Mr Kalaa Mpinga will continued in his role.
“Our superb team has worked incredibly hard through what has been a demanding period and remained focused on the task in hand,” said Mr Mpinga.
However, he said Zimbabwe remained a challenging country in which to finance projects but nonetheless expressed confidence in his belief that “our strategy to grow production in Zimbabwe while continuing to invest
in our most promising exploration projects remained the right one”.
Mr Mpinga commended Mr Baring’s contribution to Mwana saying his wealth of experience in mining and capital markets had been very useful.
“As we look forward to a period in which we intend to recommence production at Bindura Nickel Corporation and increase gold production at Freda Rebecca, Oliver’s continued contribution to the company will be vital,” he said.
A competent person’s report compiled by UK’s SRK Consulting established the business plan for the restart of Trojan was realistic and achievable.
The report confirmed the mine had 3,5 million tonnes of nickel ore with an average grade of 1,29 percent with potential to increase the resource confirmed.
SRK Consulting’s report did not cover Shangani Mine or the restart of Bindura’s smelter and refinery complex, which remain under care and maintenance.
Additional aspects of the restart of Trojan Mine, such as settlement of debts and assessing staffing levels were also not covered.
Online Reporter