Article's OT but has info on Mwana Africa and Cluff
Zimbabwe: Freda Rebecca Bags Cluff Mines
excerpt from Zimbabwe Independent (Harare)
June 30, 2006 -- Dumisani Ndlela
MWANA Africa has quietly bagged Cluff Mining (Zimbabwe) in its portfolio of growing mining assets in Zimbabwe, business digest established this week.
Mwana Africa recently acquired the entire share capital of Cluff on behalf of its subsidiary gold mining firm, Freda Rebecca Mine, from Cluff Gold Plc of the UK.
The deal has already been sealed, with requisite regulatory and exchange approval having been granted by Zimbabwean authorities.
Cluff Gold acquired Cluff Mining Zimbabwe from the Ridge Mining group last year as part of an option agreement with Ridge Mine.
Cluff Gold's finance director, Jamie Alpen, said they had not assigned any resource value to the Zimbabwe gold assets since acquiring them from Ridge Mine in January 2005.
The disposal of Cluff Mining Zimbabwe was in line with Cluff Gold's strategy to focus on opportunities in West Africa, Alpen said.
The recent acquisition of Cluff Mining adds to Mwana Africa's growth in Zimbabwe after its acquisition of Bindura Nickel Corporation from Anglo American Corporation and Freda Rebecca from Anglogold Ashanti, formed from the merger of Anglo Gold and Ashanti Goldfields.
Mwana Africa is owned by a consortium of African businessmen led by DRC-born Kaala Mpinga, who is based in South Africa.
The consortium includes one of Zimbabwe's wealthiest citizens, Oliver Chidawu.
Mwana Africa is still evaluating a huge but low-grade nickel deposit in Zimbabwe's Midlands province, where it envisages plans to inject huge sums of money in the development of an open cast mine at its Hunters' Road deposit.
Copyright © 2006 Zimbabwe Independent.
AI
