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Mwana Africa's new board starts cost drive

Published: 11:03 09 Jul 2015 EDT

Mwana2(Bindura)
Mwana's Bindura nickel mine

Mwana Africa (LON:MWA) has instigated a round of head office cost cutting following boardroom changes last month.

The Zimbabwe -focused nickel and gold miner has made twelve positions redundant, including a senior manager and corporate office staff. Advisers and consultants have also been cut back.

New chairman Yat Hoi Ning said: "Shareholders voted for change at the EGM and with the help of our new directors this process is now well underway. 

“We expect that our restructuring will take a couple of months as we address a number of legacy issues. 

“Our management team is focusing on reducing costs to mitigate the impact of the current weak pricing environment for gold and nickel, but I am confident that we can deliver a stable platform upon which to build a new, and stronger corporate culture."

Mwana added it is discussions with a number of firms to take over from Peel Hunt as the company’s nomad and broker.

Peel Hunt resigned on 26 June and under AIM rules Mwana has one month to find a replacement.

Yat Hoi Ning, who is chairman of China International Mining, Mwana’s largest shareholder. was appointed executive chairman last month with Scott Morrison taking over as senior independent director.

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