London, England — MININGREVIEW.COM — 01 July 2010 – Mwana Africa plc “’ a Pan-African mining, exploration and development company focused on gold, base minerals and diamonds in southern, central and west Africa – has announced that the group’s principal operations generated revenues of £18.8 million (R214 million) in its 2010 financial year ended 31 March
The company’s audited results released here reveal that this was achieved despite the fact that its Bindura Nickel Corporation (BNC) operations had remained on care and maintenance throughout the year, and production from its Freda Rebecca gold mine had commenced only in the second half of the year. The Freda Rebecca gold mine had generated revenue of £6.0 million (R68 million).
Group loss for the year before tax had amounted to £14.4 million (R164 million), compared with £228.1 million (R2.6 billion) in the 2009 financial year.
Mwana revealed that its Freda Rebecca gold mine had produced 8 550 ounces of gold in the six months to 31 March 2010, and a further 3 447 ounces since then. It added that BNC had advanced plans for the resumption of operations at its Trojan nickel mine and concentrator, including proposed off-take terms.
The statement went on to reveal that the company’s exploration programme at the Zani Kodo gold exploration prospect in the DRC had delivered further promising results, and a full update would be provided by the end of July. To date, Mwana had defined indicated mineral resources containing 217 277 ounces of gold at 2.95 g/t and inferred resources containing 421 013 ounces of gold at 2.75 g/t
Commenting on the results, CEO Kalaa Mpinga said: “This has been an important year for Mwana, with the restart of gold production at Freda Rebecca. We are now focusing on achieving the planned ramp-up in production at the mine, and on implementing BNC’s plans to resume operations at its Trojan nickel mine and concentrator. Our drilling programme at Zani Kodo is producing some exciting results and we look forward to reporting on these shortly.”