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Thursday, 5th November 2009 (242 views)

A Zimbabwean mining company has announced it now has funds in place to accelerate the development of the Freda Rebecca gold project in the African country.

The Industrial Development Corporation (IDC) of South Africa has approved $10 million (£6 million) in debt funding for Mwana Africa to speed up refurbishment work on the mine, which is expected to eventually produce more than 50,000 ounces of gold a year.

Gold production at the mine restarted last month after being closed for some time due to the political climate in Zimbabwe.

It had been producing 98,000 ounces of the precious metal a year before it was shut down.

Kalaa Mpinga, chief executive of Mwana Africa, commented: "We are delighted that the IDC is supporting our project and we are hopeful that this will be a catalyst for further investment into the country."

The company's other operations are located in the Democratic Republic of Congo, Angola, Ghana and Botswana.

 

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