INTERVIEW-Mwana Africa close to Zimbabwe mine finance deal

Tue Oct 13, 2009 7:24am GMT

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LONDON Oct 13 (Reuters) - Miner Mwana Africa Plc (MWA.L: Quote) is close to a landmark deal to finance the second phase of its Freda Rebecca gold mine in Zimbabwe, which could set the stage for the revival of its nearby nickel operation, the firm's chief executive said.

London-listed Mwana is holding discussions with development banks about a loan to allow output to double at Freda, which reopened this month, Kalaa Mpinga told Reuters.

"I'm hoping that by the end of the month we have secured the loan. It would probably be the first time a development institution has actually lent money into Zimbabwe in a very long time for a project," he said in an interview late on Monday.

"In terms of restoring confidence in the ability of Zimbabwe to operate as a normal place, this is going to be the test case."

AIM-listed Mwana reopened its Freda gold mine last month following improved economic conditions in Zimbabwe and the first commercial gold production was due this week, he said. (Reporting by Eric Onstad; Editing by Hans Peters)

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