Mwana Africa has conditionally raised $33.5m (£20.9m), which will crucially fund the restart of Bindura Nickel Corporation's Trojan mine in Zimbabwe. Bindura is an integrated nickel mine, smelter and refinery, whose shares are listed on the Zimbabwe Stock Exchange. Operations closed in 2008 when Zimbabwe's political and economic troubles were compounded by a collapse in nickel prices. Mwana has maintained the Bindura assets in preparation for a phased restart, and operations at Trojan could resume fairly quickly.
The funds were raised through a placing at 5.5p and subscription at the same price by China International Mining Group Corporation, which acquires a 22 per cent interest in Mwana's enlarged capital and could use its connections to help Mwana raise further project finance.
