Although the early part of 2014 saw shares of Mwana Africa serve up a very encouraging bull run, from below 1.5p to over 3.5p, since then we have seen a rather painful drift, something you would expect given the general malaise in the mining sector.
Kalaa Mpinga, the Congolese founder and chief executive officer of AIM-quoted Mwana Africa (MWA), says the company will consider starting to pay dividends this time next year, following a turnaround in the year to March from annual losses of $32 million (£19 million) to $44 million profits. This figure was swollen by a $27 million past impairment loss write-back and turnover 30.5 per cent ahead to $142.5 million. Mwana, which is involved in nickel, gold, diamonds and copper and is primarily focused on Zimbabwe though also with interests in the Democratic Republic of Congo (DRC) and South Africa, has scored from a full year’s resumption of production and sales from Zimbabwe’s Trojan nickel mine. This happened to coincide with major producer Indonesia’s price-boosting export ban on the metal.
Here is a little numbers game: Question: What completes the following sequence:
194,000 296,000 494,000? Answer: 589,000.
A bullish note is out today from commissioned researcher Edison on Mwana Africa (MWA) at 3.85p.
