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Real-Time news about Mwana (London Stock Exchange): 0 recent articles
|trevorm2: Why not sell the diamond mine rather than try to raise money. Share price now below the offer price. I think they knew this would happen. This seems to be the first time that all shareholders have had chance to buy in and not just the big boys. From history the share price usually comes declines afterwards. What a lot of money has been wasted on this but there is great assets here. Can mwana ever get it together? Watching for the moment. GLA|
|redtrend: How would Ning be getting his money back the "fast way" by asset stripping and selling at a loss at the equivalent of this low share price?
It only makes sense if they are playing the long game and planning to mop up shares on the cheap prior and during a delisting in the resultant panic, to become the majority shareholder, offering remaining shareholders who held out a "fair price" for the remainder (of which I'm sure their would be lawsuits as it would not be a fair price) and then flipping the company/ assets at a later date once the smelter is complete to the highest bidder.
For now this talk of purposeful delisting is just speculation, but shareholders need an update from the new management on NOMAD and potential new CEOs asap if they really do have a legitimate plan.
Nickel at $12K/ton and Greece issue will not help share price in short term on top of threat of delisting.|
|redtrend: Under the terms of the Agreement between Mwana and its major shareholder CIMGC, is Ning even allowed to hold an Executive role in any capacity - is the current situation legal?
The Mwana share price is in the doldrums predominantly because of the ongoing political uncertainty in Zimbabwe and the depressed gold and nickel prices. How will a board change solve these two issues? If anything now Mwana has lost Mpinga and the two Zimbabwean board members, the Mwana board's experience and ability to deal with the turbulent politics in Zimbabwe and DRC is now severely weakened... Very short-sighted in my view.|
|lucky punter: Mr Easy I think this has quite a long way to go before the full extent of the current situation is reflected in the MWA share price.|
|mreasygoing: Juju you'll do well to remember that Most on here are long term holders, none of us are going to sell at the bottom of a commodities cycle or the bottom of MWA share price. So stick your poison where the sun don't shine.|
|jxman: Fools Mwana Africa shares rocketOne of the biggest fallers in the gold mining sector last year was Mwana Africa (LSE: MWA), which lost 75% of its value last year, thanks to a combination of financial and operational problems triggered by falls in the value of its two commodities, gold and nickel.However, the firm's decline has been reversed this year and Mwana's share price has risen by more than 200% so far in 2014, taking it from 1.3p to today's price of 4p. Mwana's share price rose by 89% in July and has risen by 11% this week alone, as investors continue to return to the stock, following a strong set of results in July, which showed a 30% increase in revenue to $142.5m, and a net profit of $50.6m - although this fell to $22m once non-cash gains were excluded.Although gold production was lower at Mwana's Freda Rebecca gold mine last year, due to the failure of a leach tank early in the year, the firm's all-in-sustaining costs remained firmly below the market price of gold, at $1,186 per ounce, demonstrating the mine's genuine profitability.Analysts are forecasting earnings of around 1p per share for Mwana in 2014/15, putting the shares on a forecast P/E of around 4, which seems low. However, the risks surrounding the firm's operations in Zimbabwe, the Democratic Republic of Congo and South Africa are considerable, and this may be reflected in the current share price.|
|juju44: nickel on its way to year high. A reflection of this in MWA share price is seriously overdue|
|bizz2bizz: Nickel up $3,000 p/t since Dec, MWA share price flat to lower in the same period! What the hell are you lot talking about when you worry about Nickel price decline of $300 in a week. Do you really worry about a fund raise? There's NO chance MWA will raise money via equity at these levels to support any start/upgrade for PGM beneficiation of the Bindura smelter. It can only be done on a project financing/debt basis.
Who the hell is Ohbytheway1 anyway? He obviously has no idea who MWA are and the history of the company just some silly little guy spouting useless comments!
End of rant.
By the way MWA receive direct payments from BNC via dividends.|
Mwana Africa plc : Mwana Share Price Rises
03/06/2014 | 05:03am US/Eastern
Mwana Africa says it has achieved major milestones in terms of operations and the financial performance of its Zimbabwe subsidiaries and this is reflecting in the group's share price.
The London Alternative Investment Market-listed multi-commodity conglomerate has two major operations in Zimbabwe namely Bindura Nickel Corporation and Freda Rebecca.
Mwana's share is currently trading around 1,45 pence and reached a 52-week high of 5,63p and low of 1,10p during the same period. Mwana believes the northward trend is due to the turnaround success it has achieved in the past year.
"Operationally, in respect of both Freda Rebecca and BNC, we have turned major corners and this has started to reflect in share price recovery, certainly off a low base," Mwana said.
"There are very few junior companies with two productive mines (BNC and Freda Rebecca) and a very successful exploration program in extremely complicated jurisdiction," Mwana said.
"We believe the market will come to realise this. A stable base from which to drive strategy implementation "from the front" is now the priority, and the board fully recognises this".
BNC, Mwana's Zimbabwe Stock Exchange listed nickel extractor, which also owns Africa's only integrated smelter and refinery was put under care and maintenance at the height of the economic crisis in 2008, is strongly back on its feet.
Mwana's Freda Rebecca, having restarted operations in 2009, produced 65 350oz of gold in the 12 months to March 2013. Freda Rebecca produced 32 252oz of gold in the six months to September 2013 (September 30, 2012, 36 335oz).
Mwana Africa Plc (Mwana) is a pan-African, multi-commodity mining and development company. Mwana's principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, Democratic Republic of Congo (DRC) and South Africa.
The restart of operations at the Trojan Nickel Mine owned by Mwana's Zimbabwe subsidiary BNC, follows four years during which all of the BNC assets were on care and maintenance.
In September 2012, Bindura Nickel Corporation carried out a restructuring and recapitalisation involving US$23 million being invested into BNC which has allowed it to restart the Trojan with the First sale of concentrate to global commodity trader, Glencore taking place in April 2013.
In February 2013, Mwana announced that gold resource at its Zani-Kodo project in the DRC increased to 2,6 million oz, tests carried out on samples from the Kodo main ore body found the ore to be non-refractory and showed higher than 90 percent gold extraction across all the recovery methods tested.
In February 2013, Mwana signed a joint venture agreement with Zhejiang Hailiang Limited to jointly explore some of its copper licence areas in the Katanga Province of the DRC.
Mwana said as at September 2013, eight targets had been delineated at Lunsano. Reverse Circulation drilling has started at Lunsano. Other targets were delineated at Kitemena East, Kawesitu North, Lutobwe, Kifita, and Lukosombi.
A joint venture agreement was signed with Greenhurst Mining and Exploration to retreat fine residue tailings at the Klipspringer (SA) diamond mine on a profit share basis. Site preparation, construction of the processing plant and erection on site was completed by the end of the interim period.
Mwana said the departure of Mr Mark Wellesley-Wood as non-executive chairman, resulted from a difference of opinion between him and the board regarding Mwana's leadership direction, structure and roles in the company going forward.
"You will recall that Mark's mining and corporate finance experiences were a major draw-card in inviting him to the post of non-executive chairman, and the board is grateful to him, during his tenure, for his generous contributions in these areas, and indeed for his characteristic independence.
"In our search for a permanent successor as chairman, we will seek to identify candidates with similar qualities of mining and finance experience, given the group's focus on improving operating and financial performance through implementing agreed strategies and plans already in place".|
|bobby ewing: Mwana cites need for 'specialist' Wellesley-Wood
David McKay | Mon, 09 Sep 2013 17:38
MARK Wellesley-Wood has a way of attracting controversy, a legacy of having fought the iniquitous Kebble family in DRDGold, a corporate combat that extended to JCI and Randgold & Exploration.
Wellesley-Wood was not beyond criticism either during this period.
Miningmx reported in 2006 on an increase in Wellesley-Wood's annual remuneration while at DRDGold to about R10m in that year, which included a R4.66m bonus, compared to a total package paid of R5m in the previous year. The share price performance of DRDGold hadn't warranted the bonus, although Wellesley-Wood defended his position by saying he had saved the company.
In retrospect, Wellesley-Wood did save DRDGold, and kept the momentum in the stock going for quite a period with his enterprising marketing of the Roodepoort Rocket. Yet analysts still felt the bonus was excessive.
The question now is whether Wellesley-Wood is being asked to perform similar minor miracles at Mwana Africa, the UK-listed company of which he is the newly elected chairperson. It was this appointment that last week raised the ire of the respected UK analyst, John Meyer of share price Angel who said Wellesley-Wood was a negative development for Mwana Africa.
Kalaa Mpinga, CEO of Mwana Africa, told Miningmx the company was cutting its clothes to its cloth amid margin pressure, poor commodity prices, and diminishing cash reserves.
The company recently raised $3.2m from Chinese investors selling some 130 million shares, about 12% of the company. But it had also set about a cost-cutting and streamlining process which Mpinga hopes is one of the areas in which Wellesley-Wood will play a role.
"We needed someone who is a specialist. He also understands underground mining; he's a disciplined and a tough person. He knows how to extract efficiencies and he understands the financial markets well," said Mpinga.
"I think we'll be a good pair.
The way share price Angel describes it in an update to Mwana Africa, and the appointment of Wellesley-Wood, the veteran miner "might just be the right man for the job" as metaphorically speaking, Mwana Africa needs to have some drains unblocked.
"Makes us wonder if Mwana Africa are suffering some form of blockage from what we have heard, though we are not aware of any particular political issues affecting the company apart from having to work in Zimbabwe," said share price Angel.
Also helping matters is clarification Wellesley-Wood is drawing £60,000 a year as chairperson of Mwana, less than feared by share price Angel which had earlier lauded Mwana Africa for cutting Mpinga's salary 25%, and those of board members 50% in an effort to see out the market doldrums.
Other measures are required in Mwana Africa, however, including outside financing in the form of equity investment in the Zimbabwe-listed nickel company, Bindura Nickel Corporation in which Mwana has a 76.5% stake.
Mpinga says it's a capital drain although he remains confident that "... it will be turned to account sooner than people think".
Broadly speaking, Mpinga is also weighing up whether Mwana Africa should be positioned as a project development or exploration company, or stay as a producer. It owns the Freda-Rebecca gold mine in Zimbabwe which it is expanding to 85,000 ounces a year by mid-2014, but it also owns the Zani Kodo gold prospect in the Congo which is also being expanded in scope. To produce gold or grow on the promise of production is Mpinga's question.
"We are looking at every alternative. I don't know if I have a clear answer yet as shareholders like the diversity. We have a good suite of assets," says Mpinga.|
Mwana Africa share price data is direct from the London Stock Exchange