16th Sep 2008 12:28
Mwana Africa PLC
RESULTS OF ANNUAL GENERAL MEETING
London, 16th September 2008 - Mwana Africa PLC ("Mwana" or the "Company") today announces that at the Annual General Meeting of the Company held at 12:00 p.m. today, all the resolutions proposed, as set out in the notice of the meeting to shareholders dated 21st August 2008, were duly passed.
Oliver Baring, Executive Chairman of Mwana, also updated shareholders on the outlook for the business, including the current business and economic climate in Zimbabwe:
Exploration
Since the Preliminary announcement on July 16th Mwana Africa's exploration programme in the DRC for gold, base metals and diamonds has progressed as expected. Mwana intends to commence a programme of quarterly exploration reports in early October.
Operations
Our operations in Zimbabwe continue to be adversely affected by exceptionally difficult economic conditions impacting our volumes and efficiency. Our operations include the nickel assets of Bindura Nickel Corporation and the gold mine of Freda Rebecca, which employ directly some 3,300 people and indirectly support many more of our employees' dependants. Together with our suppliers this makes us one of the largest enterprises as well as a key exporter in Zimbabwe.
Power Sharing Agreement in Zimbabwe
We welcome the historic Power-Sharing Agreement in Zimbabwe and the process leading to reconciliation and national unity. There will be many difficult challenges ahead as we seek to enable the economy to recover, to retain and attract back key skilled people and to provide the conditions for capital investment. This will require urgent action by the Government of National Unity to liberalise the economy and restore the basic economic fundamentals to enable industry to survive and grow. We will seek to rebuild the competitiveness of all our operations, contribute to Zimbabwe's economic recovery and reward our employees and suppliers. We will give the new Government every support to seize the opportunities presented by national reconciliation.
We strongly believe that Zimbabwe has huge potential and Mwana has a solid platform for growth in the country.
Enquiries:
Oliver Baring, Executive Chairman
Mwana Africa PLC Tel: 020 7654 5580
Tom Randell / Anca Spiridon
Merlin Tel: 020 7653 6620
Ryan Gaffney
Canaccord Adams Limited Tel: 020 7050 6500
This press release includes 'forward-looking statements'. Words such as 'anticipates', 'expects', 'intends', 'plans', 'forecasts', 'projects', 'budgets', 'believes', 'seeks', 'estimates', 'could', 'might', 'should' and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding Mwana Africa's business strategy and plans and objectives of management for future operations and acquisition opportunities, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of Mwana Africa or the markets and economies in which Mwana Africa operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements, including, without limitation, political, regulatory and economic factors. Factors that would cause actual results or events to differ from current expectations include, among other things, political risks in the DRC and Zimbabwe (including whether the power sharing agreement will be successfully implemented), changes to regulations affecting Mwana Africa's activities, and the other risks involved in the mineral exploration industry. Mwana Africa believes that the assumptions inherent in the forward-looking statements are reasonable; however, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Mwana Africa does not assume any responsibility to update any of such forward-looking statements, save as required by relevant law or regulatory authority.
-ENDS-
Related Shares:
Asa Resources