Published: 09 July 2014

Shares of Pan-African multi-commodity mining firm, Mwana Africa plc, climbed 18 percent in this morning's trading on the London Stock Exchange after reporting a profit in its fiscal 2014, mainly on strong revenue growth from Bindura Nickel Corporation (BNC).

The audited financial results of Mwana Africa reveal that group revenue climbed 30,5 percent to $142,5 million from last year's $109,2 million, mainly on strong growth in BNC revenues.

The revenue was however partly offset by a decline in revenues from Freda Rebecca Mine.

Despite the decline in revenue from Freda Rebecca, the gold mine milled a record 1,06 tonnes in the year to 31 March, 2014, and has now reached its name plate mill capacity.

In spite of the mine's record milling rate, production was affected by lower head grades during the latter part of the financial year with gold production falling by 10,5 percent to 58704 ounces from the preceding year's 65350 ounces.

Looking ahead, the company said it makes no forecast of its near-term performance, particularly given the current uncertainties over commodity prices.

For the full year, pre-tax profit was $43,9 million, compared to last year's loss of $32,1 million.

At BNC, revenue of $65 million was generated through the sale of nickel in concentrate, while prior year's revenue of $1 million was from the sale of in-process inventories.

During the year, Freda Rebecca sold 58704 ounces of gold, down 7,3 percent from last year's 65350 ounces.

On the London bourse, Mwana Africa stock is gaining 18,71 percent, and trading at 2,76 pence.
- zbc

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