MWANA Africa Plc says it is entering a new phase of development focusing on operational delivery of its two mines in Zimbabwe and one in the Democratic Republic of Congo. Group chief executive Mr Kalaa Mpinga made the statement after the multi-commodity firm appointed former Metallon Gold chief executive Mark Wellesley Wood as Mwana board chairman.
Mr Mpinga said Mr Wood’s operational and corporate experience augured well for the group as it strives to deliver maximum value from its assets.
“Mwana is pleased to announce the appointment of Mr Mark Wellesley Wood as non-executive chairman of the company with immediate effect.
Mark is a mining engineer and fellow of the Institute of Materials, Minerals and Mining, with over 40 years’ experience in both the mining industry and investment banking,” Mwana said in statement.
After the appointment Mr Mpinga said Mwana recently announced a restructuring aimed at reducing corporate costs and concentrating on cash flow generation. He believes Mr Wood will be a valuable addition to the board as it looks to achieve these objectives.
“Mwana Africa Plc is now entering a new phase of its development focusing on operational delivery from its two mines in Zimbabwe and the development of the Zani Kodo gold deposit in the DRC. Mark’s considerable operational and corporate experience will greatly assist us in delivering the maximum value from these assets,” said Mr Mpinga.
Until recently Mr Wood was a director of Investec Investment Banking and Securities in London, prior to which he was Head of Corporate Finance at Ambrian Partners. He has also previously worked at Dresdner Kleinwort Benson as the global sector head for metals.
He has been closely involved in mining activities in Southern Africa, having started his career on the Zambian Copperbelt and has held the positions of executive chairman and chief executive officer of South African gold miner, DRDGold Limited. He has also been the CEO of Metallon Gold Ltd (Redwing Mining), which operates gold mines in Zimbabwe.
“I am pleased to have the opportunity to work with Mwana and look forward to bringing my experience to the company as it focuses on operational delivery and creating shareholder value from its assets. I look forward to providing leadership to both its board and management,” Mr Wood said of his appointment as chairman of Mwana Africa.
Mwana Africa holds 76,5 percent of ZSE-listed Bindura Nickel Corporation and 85 percent of Freda Rebecca Gold Mine. The London AIM-listed group is also developing the Zani Kodo gold mining joint venture in the Ituri District northeast of DRC.