Mwana Africa to sustain Zim operations

Mwana Africa to sustain Zim operations
Published: 29 July 2014
London Stock Exchange listed mining giant Mwana Africa PLC says it will continue operating in Zimbabwe despite unfriendly operating environment for businesses.

"The single biggest challenge to operate in Zimbabwe is liquidity. The pool of money is very limited. And when you do raise money it is always very expensive," Mwana Africa chief executive officer Kalaa Mpinga said.

"But when you go to a pub for a drink, there is always lots of noise. But the noise, doesn't stop you from having that drink," he added.

The Government of Zimbabwe recently implemented laws which require foreign owned mining companies to cede 51 percent to locals.

Mwana Africa PLC is a pan-African, multi-commodity resources company focused on the production, development and exploration of gold, nickel, copper and diamonds. It has been operating in Zimbabwe for more than 10 years running the Bindura Nickel Corporation (BNC).

It also has operations in South Africa, and a broad range of exploration projects and interests in the Democratic Republic of Congo (DRC), Angola, Ghana and Botswana.

In October 2005, Mwana Africa became the first African-owned, African- managed resource company to be listed on the London Stock Exchange's Alternative Investment Market (AIM).

Mwana Africa recently posted a US$100m turnaround in bottom line fortunes to a $50 million full-year profit.

- Ventures Africa
Tags: MwanaAfrica,


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