Mwana Africa posts 86% jump in full-year revenue.

By bne IntelliNews July 5, 2012
Pan-African multi-commodity resources exploration and development company Mwana Africa posted a revenue of USD 81.3mn for the fiscal year to end-March 2012, up 86% y/y mainly thanks to a robust performance by its Freda Rebecca gold mine in Zimbabwe, which contributed USD 79.8mn, up from USD 37.5mn a year earlier. Mwana said group loss narrowed by 47% y/y to USD 6.7mn, while loss attributable to shareholders shrank 79% to USD 700,000. Mwana operates gold nickel diamond and other mines in Zimbabwe the Democratic Republic of Congo (DRC) and South Africa. Freda Rebeccas production increased by 75% to 47,770 ounces of gold in the year to end-March 2012. The mines gold output for the three months to end-June rose 25.7% y/y to 17,950 ounces, equivalent to an annualised production rate of 71,800 ounces. "The groups focus for the financial year has been on expanding production at Freda Rebecca gold mine to our target production rate of 50000oz a year increasing the gold resource at our Zani-Kodo project in the DRC through continued exploration drilling and evaluating various funding structures to enable the restart of operations at Bindura Nickel Corporations Trojan nickel mine" Mwana CEO Kalaa Mpinga said in a statement.

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