Mwana defends investment plans

New Mwana Africa non-Executive Chairman, Chris Baring, has defended the company’s move to finance its operations in Zimbabwe despite the uncertainty regarding the future of foreign-owned mining firms.

Last month, the company received a $10m loan facility from South Africa’s Industrial Development Corporation to enhance operations in a country where government has threatened to take over foreign-owned mining firms if they did not comply with indigenization regulations.

“Zimbabwe remains a challenging country in which to finance projects but I continue to believe that our strategy to grow production in Zimbabwe while continuing to invest in our most promising exploration projects remains the right one. I look forward to my continued involvement with Mwana's progress as Non-Executive Chairman," said Baring in a statement this week.

Mwana Africa operates Bindura Nickel Corporation and Freda Rebecca gold mine.

Earlier this month, Mwana Africa allayed fears of a takeover by government saying it was hopeful discussions would result in the government agreeing to its indigenisation proposal.

Post published in: Business

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