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Mwana to survey payout prospects

By Robert Tyerman | Friday 11 July 2014

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Kalaa Mpinga, the Congolese founder and chief executive officer of AIM-quoted Mwana Africa (MWA), says the company will consider starting to pay dividends this time next year, following a turnaround in the year to March from annual losses of $32 million (£19 million) to $44 million profits. This figure was swollen by a $27 million past impairment loss write-back and turnover 30.5 per cent ahead to $142.5 million. Mwana, which is involved in nickel, gold, diamonds and copper and is primarily focused on Zimbabwe though also with interests in the Democratic Republic of Congo (DRC) and South Africa, has scored from a full year’s resumption of production and sales from Zimbabwe’s Trojan nickel mine. This happened to coincide with major producer Indonesia’s price-boosting export ban on the metal.

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