'Sons of Africa' invest in Zimbabwe: despite its current economic difficulties, Zimbabwe has enormous geological potential, and one company that is making the most of this is Mwana Africa. Priscilla Ross charts its progress.(Mwana Africa Holdings)

MWANA AFRICA'S NAME keeps popping up in African mining news. It has producing nickel and gold assets in Zimbabwe and has entered the takeover fray for Adastra Minerals, which is seeking to develop the Kolwezi tailings cobalt/copper deposit in the Democratic Republic of the Congo. Mwana Africa's offer for Adastra of C$298mn, although higher, was pipped to the post by First Quantum's cash and shares offer which was valued at C$275mn. First Quantum successfully closed the deal after a protracted four-month takeover bid. The board of Adastra recommended and accepted First Quantum's offer, which acquired 72 per cent of the equity of Adastra and rejected the higher offer from Mwana Africa.

In a separate news item on 12 April 2006, it was announced that Zimbabwe needs US$500mn to repair the Mhangura copper smelter and to increase its treatment capacity, according to Nhlanhla Mpofu of the Minerals Marketing Corporation of …