Hailiang Joint Venture Agreement Signed

6 February 2013

Mwana Africa PLC

("Mwana", the "Group" or the "Company")

Hailiang Joint Venture Agreement Signed

Mwana Africa is pleased to announce the formal signing of the Joint Venture Agreement with Zhejiang Hailiang Company Limited ("Hailiang") covering 28 licences held by Mwana in the Katanga province of the Democratic Republic of Congo. 

This follows the announcement on 21 August 2012 that Mwana had entered into a Cooperation and Development Agreement ("CDA") for these licences. The CDA required that the parties enter into a detailed joint venture agreement to implement the CDA.

Kalaa Mpinga, Chief Executive Officer of Mwana, commented:

"I am pleased that the relationship with Hailiang has progressed well with the signing of the Joint Venture Agreement implementing the Cooperation and Development Agreement signed last year. This joint venture allows our copper exploration and development programme in the DRC to be significantly accelerated. We are also very excited at the prospect of advancing Kibolwe in the near term. We look forward to working closely with Hailiang in what we expect will be a very productive relationship."

For further information please visit www.mwanaafrica.com or contact:

Mwana Africa PLC Tel: +44 (0)20 7654 5580

Donald McAlister / Lorenz Werndle

Nominated Adviser and Broker

Liberum Capital Limited Tel: +44 (0)20 3100 2000

Michael Rawlinson / Tom Fyson / Christopher Kololian

Public & Investor Relations

Tavistock Communications Tel: +44 (0)20 7920 3150

Ed Portman / Simon Hudson / Mike Bartlett

Information on Hailiang

Hailiang is listed on the Shenzhen Stock Exchange in China with a market capitalisation of approximately RMB 6 billion (approx. US$950m). Since it was founded in 2001, Hailiang has committed itself to the research, development, production, marketing and after-sales service of high-end copper products and has become a world class copper processing enterprise. Hailiang is China's biggest copper tube exporter and manufacturer of copper alloy tubes; China's second largest manufacturer of copper tubes; and one of China's main manufacturers of copper bars and precision copper rods.

As at 31 December 2011, Hailiang had total assets of RMB 6.8 billion (approx. US$1.07 billion) and net assets of RMB 2.5 billion (approx US$396m) with a staff complement of 4,587 employees. In 2011, the company achieved a sales volume of approximately 181,100 tonnes of copper products and an operating income of RMB 11.8 billion (approx. US$1.8 billion). Hailiang has interests in two mining companies, Jinchuan Group Co. Ltd and Honghe Henghao Mining Co. Ltd, as well as an interest in the Bank of Ningxia.

About Mwana Africa PLC

Mwana Africa PLC 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, the DRC and South Africa.

Mwana's Freda Rebecca gold mine in Zimbabwe, having restarted operations in 2009, produced 47,770 ozs of gold in the 12 months to March 2012. Record quarterly gold production of 18,350 ozs was achieved in the third quarter of 2012.

In February 2012, Mwana announced a gold mineral resource of 2.01 million ounces at its Zani Kodo project in Democratic Republic of Congo. 

In August 2012, Mwana announced it had entered into a Cooperation and Development Agreement with Zhejiang Hailiang Company Limited to jointly explore its copper licence areas in the Katanga Province of the DRC.

In September 2012, Mwana's subsidiary, Bindura Nickel Corporation, carried out a restructuring and recapitalisation involving US$23m being invested into BNC which has allowed it to restart its Trojan nickel mine. First sale of concentrate to Glencore International is expected in Q2 2013.

Further information on the Company can be found at www.mwanaafrica.com.