adminMwana Africa said the gold mining subsidiary contributed US$79,8 million to group revenue from US$38 million last year.
The unit’s sterling full-year performance helped reduce the AIM-listed mining conglomerate’s group loss by 42 percent to US$6,7 million.
In the same vein, the loss attributable to shareholders declined by 79 percent to US$600 000 from US$3,4 million last year.
Mwana Africa’s improved fortunes largely mirrored the strong increase in bullion output at its current major cash cow, Freda Rebecca.
“Freda Rebecca production increased by 75 percent to 47 770 ounces of gold in the year to March 2012 from the 27 240 ounces achieved over the comparative period the prior year.
The mining giant’s other gold mining operation, Zani Kodo (Democratic Republic of Congo), recorded increased gold resource of 41 percent from 1,3 million oz to 2 million oz. Freda’s production for the quarter to June 30 2012 was 17 950oz against the 14 280oz over the quarter to March 31, 2012.
Mwana Africa said Freda’s rate of production was equivalent to an annualised production rate of 71 800 ounces.
During the period under review, the group’s exploration expenditure amounted to US$10,2 million compared with US$12,3 million last year.
Over the same period, a share placement of 185,4 million shares in June 2011 raised approximately US$14,2 million net of expenses.
A further share subscription and placing of 383 million shares in April 2012 raised about US$32,8 million, net of expenses.
Chief executive Mr Kalaa Mpinga said the last year had been a great success as the group recorded progress on all its objectives.
“The group’s focus for the financial year has been on expanding production at Freda Rebecca Gold Mine to our target production rate of 50 000 ounces per annum, (and) increasing the gold resource at our Zani-Kodo project in the DRC through continued exploration drilling,” said Mr Mpinga.
Mwana Africa also sought to secure funding to enable the restart of its subsidiary, Bindura Nickel Corporation’s Trojan Mine.
BNC has been under care and maintenance since 2008 when the nickel mining and refinery giant succumbed to the effects of the economic downturn that rocked Zimbabwe.
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