Edison Investment Research - Mwana Africa (MWA) Update: Zimbabwe lowers metals tariffs

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Edison Investment Research

Update: Zimbabwe lowers metals tariffs

Mwana Africa (MWA) has released an AGM statement updating the market on its operating performance so far in Q215 (see below). In addition, the Zimbabwean finance minister, Patrick Chinamasa, has responded to concerns in the industry by reducing royalties on gold producers from 7% to 5%, which should be worth US$25-26/oz in C1 costs for Freda-Rebecca.

17/09/2014 3 EN

Underlying

Mwana Africa

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United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Q3 update and US$20m bond closure

Q315 operations were affected by a combination of exogenous (eg weather, holidays and metal prices) and endogenous (eg reagent quality and equipment availability) factors. As a result, both grade and metallurgical recoveries came under pressure at Freda-Rebecca and Trojan, causing us to revise our FY15 estimates. Mill throughput at FRGM increased to a post-restart record however. In addition, last week, Mwana successfully closed its fully subscribed US$20m bond offer to fund the Bindura smelter restart.

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Update: Zimbabwe lowers metals tariffs

Update: Board recommends rejection of EGM resolutions

Update: Q415 update

Update: Q3 update and US$20m bond closure

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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