Judges subsidiary buys KE 22/02/2012
Scientific instruments specialist Judges Scientific (JDG) has unveiled that its 51 per cent owned subsidiary Deben has acquired Cambridge based rival KE Developments.
Mwana bullish despite output fall
Zimbabwe-focused Mwana AfrIca (MWA) says gold production from its Freda Rebecca mine slipped 15 per cent between the third and fourth quarters.
The AIM-quoted company says the mine produced 11,573 oz at a grade of 2.21 grammes of gold per tonne of ore in the three months to December, at a cash cost of $1,090 an ounce, down from 13,686 oz produced at 2.29 grammes a tonne in the three months to September, at a cash cost of $886 an ounce.
With gold trading at more than $1,725 an ounce, Freda Rebecca was still profitable in operating terms. Kalaa Mpinga, chief executive officer of London-based Mwana, explains that the mine has suffered from 'short-term processing issues at the mills', which he argues is to be expected after a second mill was commissioned and production ramped up, and says the mine management is 'optimising and fine tuning' production processes there.
Elsewhere, the company reports encouraging drilling results from its Zani-Kodo gold project in the Congo, which is showing gold intersections ranging from 0.64 to 8.5 grammes a tonne. Mpinga declares that the 'very promising results from Zani Kodo...continue to confirm what we feel is the tremendous potential of this asset', adding that an update on the Zani resource estimate will be announced shortly, while Mwana continues to discuss the 'indigenisation' of Freda Rebecca, as required by Zimbabwean government policy.
Growth Company Investor highlighted Mwana's shares as a speculation in 2009 at 4p, before suggesting partial profit taking at 10.75p last year. They now trade at 56p and, though hardly risk-free, offer speculative potential for the bold.
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