Oct 08th 2012 - Edison Investment Research today published a report on Mwana Africa (MWA.L, LSE:MWA, LON:MWA) entitled "Pick Up Your Shovels". In summary, the report says:
On 21 September, Mwana announced that its majority-owned subsidiary, Bindura Nickel Corporation (BNC – Africa’s only integrated nickel mine, smelter and refinery) had completed a rights issue and placing, thereby recapitalising its balance sheet before returning the Trojan mine to production. New funds invested amounted to US$23m, of which US$21m was provided by MWA. Phase 1 of the Trojan mine project will involve mill throughput being ramped up to 72,500tpm of ore over a period of 13 months from February 2013 and output increasing from c 200tpm Ni in concentrate initially to over 700tpm within four years.
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