London, England — MININGREVIEW.COM — 16 October 2009 – Mwana Africa plc – an African-focused mining exploration and development company – has had its first pour of gold from its re-opened Freda Rebecca mine in Zimbabwe “’ as its sets the stage for a landmark deal to finance the second phase of the mine’s development.
The AIM-listed company “’ with mining activities covering gold, nickel and other base metals, and diamonds in Zimbabwe, the Democratic Republic of Congo, South Africa and Ghana “’ said it had produced 180 ounces of gold of about 90% purity at Freda Rebecca this week.
“Production rates from Phase 1 are forecast to increase to a rate of 30 000 ounces of gold per year by the end of 2009,” said Mwana Africa CEO Kalaa Mpinga. “Planning for the second phase of the refurbishment programme “’ which the company expects to increase output to between 70 000 and 80 000 tpa of gold “’ is well advanced,” he added.
Mwana is holding discussions with development banks about a loan to allow output to double at Freda Rebecca, which re-opened this month,” Mpinga told Reuters. “I’m hoping that by the end of the month we will have secured the loan,” he said.
“Mwana reopened its Freda Rebecca gold mine last month following improved economic conditions in Zimbabwe,” Mpinga explained.