JOHANNESBURG (miningweekly.com) − Aim-listed Mwana Africa has drawn down the final tranche of the $10-million loan from South Africa’s Industrial Development Corporation (IDC) to boost production at its Freda Rebecca gold mine in Zimbabwe.

The draw down of the $6-million second tranche of the IDC loan follows the success of the Phase 1 refurbishment and reaching the target production rate of 30 000 oz/y of gold.

Mwana Africa is targeting production of 50 000 oz/y in Phase 2. It expects to achieve a production rate of 4 167 oz/m in September.

“The IDC loan marks a significant development for project finance into Zimbabwe,” said Mwana Africa CEO Kalaa Mpinga.

The company would repay the IDC loan in ten equal instalments over five years.
 

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