Mwana Mine Receives IDC Approval for $10m Funding

8 November 2009 (Last Updated November 8th, 2009 18:30)

Mwana Africa's Freda Rebecca gold mine in Zimbabwe has received approval for $10m debt financing from the Industrial Development Corporation of South Africa (IDC). The funds, which will be split into two tranches, will speed up the mine's renovation programme which aims to raise annual

Mwana Africa's Freda Rebecca gold mine in Zimbabwe has received approval for $10m debt financing from the Industrial Development Corporation of South Africa (IDC).

The funds, which will be split into two tranches, will speed up the mine's renovation programme which aims to raise annual gold production to over 50,000oz once the second phase is completed.

The initial tranche of up to $4m will be used for the remaining working capital purposes of the first phase.

The remaining funds will be used for the second phase's working capital needs and capital expenditure.