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HomeAfricaSA bank gives US$10m loan to Zim miner

SA bank gives US$10m loan to Zim miner

 A Zimbabwean mining company said Friday it had secured a US$10 million loan from the Industrial Development Corporation of South Africa (IDC) to increase gold output.

Mwana Africa Plc said the funds, to be disbursed in tranches, would be used to r efurbish its plant at Freda Rebecca mine in northern Zimbabwe, among other things.

The company, one of the top gold producers in Zimbabwe, said it would increase o utput to 50,000 ounces per year when it finishes its ongoing plant refurbishment.

“The IDC’s involvement in the project will allow us to accelerate the implementa tion of the second phase of our refurbishment programme, which is planned to increase production from nine to approximately 50,000 ounces of gold per year,” Mwana Africa said in a statement.

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