Key Developments: Mwana Africa PLC (MWNAF.PK)
0.05USD
6 May 2013
$-0.01 (-9.09%)
$0.05
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13,158
2,390
$0.08
$0.02
Latest Key Developments (Source: Significant Developments)
Mwana Africa Plc Announces Results of Metallurgical Scoping Study for its Zani-Kodo Project
Mwana Africa Plc announced the results from a metallurgical scoping study for its Zani-Kodo project located in the Ituri region of the Democratic Republic of Congo. The test work was carried out on samples taken from the Kodo Main orebody. The ore was found to be non-refractory and responded well to all recovery processes investigated, with higher than 90% gold extraction being obtained across all the recovery methods tested. Full Article
Mwana Africa Plc Announces Joint Venture Agreement
Mwana Africa Plc announced that it has signed a joint venture agreement with Zhejiang Hailiang Company Limited covering 28 licences held by the Company in the Katanga province of the Democratic Republic of Congo. Full Article
Mwana Africa Plc Concludes Rights Issue And Placing
Mwana Africa Plc announced that its Zimbabwean subsidiary Bindura Nickel Corporation (BNC) has now completed the rights issue and placing required to recapitalise BNC and to recommence operations. BNC has agreed satisfactory terms for the settlement of creditors and of liabilities relating to the retrenchment of some employees. The recapitalisation and restructuring of BNC was completed in two steps: the rights issue closed first and was then followed by a placing, whereby certain creditors and staff accepted BNC shares in lieu of the balances owed to them by BNC. BNC shareholders approved the rights issue at an EGM held in Harare on 29 June 2012. New funds invested into BNC by way of the rights issue totalled USD23 million, including USD21 million from Mwana Africa. Liabilities of approximately USD11.5 million were converted into BNC shares by way of the placing. Following the rights issue and placing, Mwana now holds 926,359,603 ordinary shares in BNC. The proceeds are sufficient to restart the Trojan Mine, although further funding will be required by BNC within approximately twelve months to provide sufficient working capital to take BNC through to being cash flow positive. Full Article
Mwana Africa Plc Announces Cooperation And Development Agreement
Mwana Africa Plc announced that it has entered into a Cooperation and Development Agreement for 100% owned SEMHKAT copper exploration area with Zhejiang Hailiang Company Limited. Under the terms of the Agreement, Hailiang will invest $25 million into an Exploration Joint Venture (EJV) over a minimum period of four years to earn a 62% voting interest in the EJV. The voting interest will be earned on the basis of 15.5% voting interest per $6.25 million of exploration expenditure invested into the EJV. Hailiang has the right to invest at a faster rate should they choose to do so. Hailiang will also have the right, at any time, to transfer selected licence areas into a development company (DC), in which Hailiang will own a 62% shareholding and Mwana will own a 38% shareholding. Mwana's 38% shareholding will be non-dilutable. In addition to the $25 million EJV, under the terms of the Agreement, Hailiang has an option for six months to elect to transfer the Kibolwe prospect (an area held by SEMHKAT) into a development company specific to Kibolwe (KDC). Full Article
Zhejiang Hailiang Co., Ltd. Signs Strategic Cooperative Framework Agreement With MWANA.AFRICA
Zhejiang Hailiang Co., Ltd. announced that it has signed a strategic cooperative framework agreement with MWANA.AFRICA. According to the strategic cooperative framework agreement, Zhejiang Hailiang Co., Ltd.'s wholly owned subsidiary, a Hong Kong-based trading company (Company A), will have the joint geological exploration and mineral resources development with MWANA.AFRICA as the main investment entity. Company A will also invest USD 15 million to set up a joint venture with MWANA.AFRICA and Congo Government, with each to hold a 57% stake, a 38% stake and a 5% stake. The joint venture will be engaged in the mineral resources development cooperation. Full Article
Mwana Africa Plc Announces Disposal Of 15% Interest In Freda Rebecca Gold Mine
Mwana Africa Plc announced the disposal of a 15% interest in the Freda Rebecca Gold Mine (Freda Rebecca). The disposal fulfils an obligation Mwana made at the time it purchased Freda Rebecca in 2005, and is conditional on receiving approval from the IDC, the principal debt provider to Freda Rebecca. Mwana expects to complete the disposal over the next few weeks. Upon completion, the 15% interest in Freda Rebecca will be purchased by Mr. Kenneth Musanhi for USD405,000, being the price agreed with Mr. Musanhi in 2005 at the time Mwana acquired Freda Rebecca. Mwana's shareholding in Freda Rebecca following the disposal will be 85%. Full Article
Mwana Africa Plc Announces Fundraising To Raise Approximately Us$35 Million
Mwana Africa Plc announced to raise approximately US$35 million (approximately £22 million), consisting of $21.2 million (approximately £13.3 million) from China International Mining Group Corporation ("CIMGC") through a conditional subscription (the "Subscription") of new ordinary shares ("Subscription Shares") at a price of 5.5p per share, and the balance via a proposed placing (the "Placing") of new ordinary shares ("Placing Shares") with institutional investors at a price of 5.5p per share. net proceeds from the Subscription and Placing will principally be used to fund the potential restart of Bindura Nickel Corporation's Trojan mine in Zimbabwe and to fund the Company's activities at its Zani Kodo gold project and SEMKHAT copper-cobalt tenements in the Democratic Republic of Congo ("DRC"), as well as providing general working capital for the Group Full Article
Mwana Africa Plc Announces Board Change
Mwana Africa Plc announced that Executive Chairman, Oliver Baring, will become Non-Executive Chairman with effect from 1 October 2011. Chief Executive, Kalaa Mpinga will continue in his current role. Full Article
Zimbabwe unlikely to seize mine stakes: Mwana CEO
LONDON - Fears that Zimbabwe's government will strip foreign mines of half their assets without compensation are unfounded, according to Kalaa Mpinga, chief executive of Mwana , which has gold and nickel operations there.
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