Executive Summary
Mwana Africa PLC is a pan-African resources company with operations in Zimbabwe, South Africa, the Democratic Republic of Congo (DRC), Angola, Ghana and Bostwana. The group's asset base includes gold, nickel, copper, cobalt and diamonds and the company is involved in production, exploration and development. The company is the first Aftrican-owned company to be listed on the LSE's AIM in 2005, having been formed through a reverse takeover of African Gold plc by privately held Mwana Africa Holdings (Pty) Ltd.
The formation of the Group brought together a senior management team highly experienced in the natural resource industry in Africa many of whom had previously held senior positions within Anglo American plc. Mwana's strategy is to develop into a major resource group on the African continent, exploiting opportunities across different countries and commodities, and focusing on being one of the most efficient and low cost producers in Africa, whilst partnering with industry majors on new projects and being the preferred vehicle for African investors and entrepreneurs.
Company History
Details of the company's history are as follows:
- 1987: African Gold was incorporated with a focus on the development of gold resources in Zimbabwe.
- Late 1990s: the company opened three small mines in Zimbabwe.
- 2002: business activity in Zimbabwe ceased and the company began to explore opportunities elsewhere in Africa.
- 2003: Mwana Africa was formed.
- 2004: the company raised funds and secured the rights over four new gold properties in Ghana.
- 2005: the company was formed through a reverse takeover of African Gold plc by Mwana Africa Holdings (Proprietary) Ltd., with producing assets in Zimbabwe and exploration and development assets in the Democratic Republic of the Congo.
Current Events
The company has recently announced the following current events:
- March 2009: the company announced its intention to resume gold production at the Freda Rebecca mine in Zimbabwe
- May 2009: the company sold its interest in the Kongongo gold exploration asset in Ghana
- September 2009: it announced a promising initial resource estimate for the Zani-Kodo gold project in the DRC
- October 2009: the first gold was poured from the Freda Rebecca mine [1]
- November 2009: the company announced that the Industrial Development Corporation of South Africa has approved US$10m of debt financing to fund the development of the Freda Rebecca mine [2]
Business Model
Products/Services
The group's asset base includes gold, nickel,…
