23 March 2018
Give ED enough time to deliver-US envoy
ZACC storm as millions of dollars suits pile up
Pari acussed of jobs for wife's relatives
Zimbos sad under Zanu PF govt: report
Chamisa invades Zanu PF strongholds
Zapu swallows Barbara Nyagomo’s PDZ
Torrent of blows as wife insists on HIV test
Teen mum chokes kid to death, burns house
Ramaphosa calls for single African currency
Moti Group doubles Zim investments
Deported anti-Bob SA band back at Hifa
Grace house arrest play rocks Masvingo
Cricket: UAE shatter Zim WCup dreams
Dynamos coach livid as Epoupua still unpaid
Follow Honourable Eddie Cross's example
Mugabe spoke for the marginalised, but
2018: of humour, fair analysis, healthy race
ZimDiaspora: Bum cleaners, runaway fathers?
Mwana Africa tiff with Chinese partners dampens recovery
08/01/2015 00:00:00
by The Source
Trouble with Chinese partners ... Kalaa Mpinga
Mwana Africa says ready to engage govt
Min: Govt peeved with Bindura Nickel Chinese
Chinese shareholders get Mwana chair
Chinese investor in Mwana Africa move
Bindura Nickel sales up 49 percent
Mwana Africa gold, nickel output down

MWANA Africa’s fallout with its largest shareholder China International Mining Group Corporation (CIMGC) and Yat Hoi Ning, a Non-Executive Director and associate of CIMGC, over board seats could drag on to February 2016, the company said on Thursday.

The fight, which has spilled into the courts, also dampens the prospects of Mwana’s ongoing rehabilitation of its nickel business in Zimbabwe.

Mwana CEO Kalaa Mpinga heralded the 2012 Chinese investment into his company as a sign that “Mwana is really on the move,” but a dispute over board seats allocated to, among others, Zimbabwean non-executive directors and old mining hands – Herbert Mashanyare and Mwana veteran Ngoni Kudenga has brought the “exciting times” to an abrupt end.

Mwana’s romance with the Chinese started in 2012 when CIMGC came in with a $21 million investment to restart Mwana’s Bindura Nickel Corporation (BNC) which had collapsed at the height of the country’s economic meltdown.

CIMGC controls a substantial 21.4 percent stake in Mwana while Ning owns 7.6 percent giving them a combined shareholding of 29 percent.

The relationship soured last year, with CIMGC and Ning disputing the appointment of Stuart Morris, Johan Botha, Kudenga and Mashanyare as non-executive directors of the company.

CIMGC and Ning filed a petition with the High Court on December 8 2014 challenging the validity of a resolution passed at the company’s September AGM, relating to the appointment of the directors.

In a statement on Thursday, a combative Mwana Africa said it would defend its position.

“The Company’s position remains unchanged in respect of these court proceedings.

“Whilst it will continue to attempt to work with the Petitioners to achieve a mutually acceptable resolution to their complaints, the Company will defend its position vigorously in court if required,” the statement reads.

The company added that the initial directions were laid down for the future conduct of the petition including the setting of a trial window of 3 months from 1 November 2015 at a hearing on Wednesday today at the Companies Court.

Meanwhile BNC, Mwana’s Zimbabwean nickel unit, traded 0.2 cents lower on the ZSE on Thursday. BNC, which opened the year at 6,5 cents closed at 5,8 cents on Thursday.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker