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In 2014, Mwana Africa fired chairperson Mark Wellesley-Wood "amid suspicion he was an agent for a hostile takeover" by Centar Mining.<ref name="LF">[https://www.herald.co.zw/mwana-africa-sacks-chairman/ "Mwana Africa sacks chairman"], ''[[Herald]]'' (February 26, 2014)</ref> Mwana Africa in September 2015, rebranded as Asa Resources, with Mwana Africa changing their name after the exit of Mwana founder Kalaa Mpinga.<ref name="DB">[https://www.theindependent.co.zw/2015/09/30/mwana-africa-rebrands-to-asa-resources/ "Mwana Africa rebrands to Asa Resources"], ''[[The Independent]]'' (September 30, 2015)</ref>
In 2014, Mwana Africa fired chairperson Mark Wellesley-Wood "amid suspicion he was an agent for a hostile takeover" by Centar Mining.<ref name="LF">[https://www.herald.co.zw/mwana-africa-sacks-chairman/ "Mwana Africa sacks chairman"], ''[[Herald]]'' (February 26, 2014)</ref> Mwana Africa in September 2015, rebranded as Asa Resources, with Mwana Africa changing their name after the exit of Mwana founder Kalaa Mpinga.<ref name="DB">[https://www.theindependent.co.zw/2015/09/30/mwana-africa-rebrands-to-asa-resources/ "Mwana Africa rebrands to Asa Resources"], ''[[The Independent]]'' (September 30, 2015)</ref>

In 2016, it owned 85% of the Freda Rebecca gold mine, based in Zimbabwe.<ref name="ZD">[https://www.mining-journal.com/leadership/news/1175287/changes-asa-resources "Changes at Asa Resources"], ''[[Mining Journal]]'' (December 16, 2016)</ref>


In 2017, a manhunt was triggered by Zimbabwean authorities for two former ASA Resource Group executives, over allegations of fraud. At the time, the former CEO and finance director had been missing for several months.<ref name="CC">[https://nehandaradio.com/2017/12/29/missing-asa-resource-group-bosses-32m-mining-scandal/ "Missing ASA Resource Group bosses in £3,2m mining scandal"], ''[[Nehanda Radio]]'' (December 29, 2017)</ref> $4.3 million were reported unaccounted for, but the company said operations would continue.<ref name="FF">[https://www.miningweekly.com/article/asa-resources-says-43m-unaccounted-for-but-operations-continue-2017-04-19/rep_id:3650 "ASA Resources says $4.3m unaccounted for, but operations continue"], Megan Van Wyngaardt, ''[[Mining Weekly]]'' (April 19, 2017)</ref>
In 2017, a manhunt was triggered by Zimbabwean authorities for two former ASA Resource Group executives, over allegations of fraud. At the time, the former CEO and finance director had been missing for several months.<ref name="CC">[https://nehandaradio.com/2017/12/29/missing-asa-resource-group-bosses-32m-mining-scandal/ "Missing ASA Resource Group bosses in £3,2m mining scandal"], ''[[Nehanda Radio]]'' (December 29, 2017)</ref> $4.3 million were reported unaccounted for, but the company said operations would continue.<ref name="FF">[https://www.miningweekly.com/article/asa-resources-says-43m-unaccounted-for-but-operations-continue-2017-04-19/rep_id:3650 "ASA Resources says $4.3m unaccounted for, but operations continue"], Megan Van Wyngaardt, ''[[Mining Weekly]]'' (April 19, 2017)</ref>
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The company delisted in London in March 2018.<ref name="DA">[https://www.ebusinessweekly.co.zw/asa-resources-delists-from-london/ "ASA Resources delists from London"], Tawanda Musarurwa, ''[[eBusinessWeekly]]'' (March 6, 2018)</ref>
The company delisted in London in March 2018.<ref name="DA">[https://www.ebusinessweekly.co.zw/asa-resources-delists-from-london/ "ASA Resources delists from London"], Tawanda Musarurwa, ''[[eBusinessWeekly]]'' (March 6, 2018)</ref>


In 2018, a number of its mines were struggling with debt.<ref name="AA">[https://www.theindependent.co.zw/2018/02/23/mines-reel-31m-debt/ "Mines reel under $31m debt"], Charles Laiton, ''[[The Independent]]'' (February 23, 2018)</ref> Panaf was bidding to buy ASA Resource Group's assets in January 2018.<ref name="DC">[https://www.miningmx.com/news/gold/31446-panaf-revealed-mystery-bidder-stricken-asa-resource-group/ "Panaf revealed as mystery bidder for stricken ASA Resource Group"], David McKay, ''[[Miningmx]]'' (January 29, 2018)</ref>
In 2018, a number of its mines were struggling with debt.<ref name="AA">[https://www.theindependent.co.zw/2018/02/23/mines-reel-31m-debt/ "Mines reel under $31m debt"], Charles Laiton, ''[[The Independent]]'' (February 23, 2018)</ref> Panaf was bidding to buy ASA Resource Group's assets in January 2018.<ref name="DC">[https://www.miningmx.com/news/gold/31446-panaf-revealed-mystery-bidder-stricken-asa-resource-group/ "Panaf revealed as mystery bidder for stricken ASA Resource Group"], David McKay, ''[[Miningmx]]'' (January 29, 2018)</ref> In December that year, it struck a deal with an unnamed company to sell its stake in BNC.<ref name="BB">[https://www.thezimbabwemail.com/business/uk-firm-strikes-deal-to-take-over-zim-nickel-producer-bnc/ "UK firm strikes deal to take over Zim nickel producer BNC"], ''[[The Zimbabwe Mail]]'' (December 20, 2018)</ref> It was working on finalizing its exit from BNC to an unnamed mining company by October 2019.<ref name="ZC">[https://www.zimbabwesituation.com/news/asa-resources-nears-bnc-exit/ "ASA Resources nears BNC exit"], ''[[Zimbabwe Situation]]'' (October 31, 2019)</ref>


In December that year, it struck a deal with an unnamed company to sell its stake in BNC.<ref name="BB">[https://www.thezimbabwemail.com/business/uk-firm-strikes-deal-to-take-over-zim-nickel-producer-bnc/ "UK firm strikes deal to take over Zim nickel producer BNC"], ''[[The Zimbabwe Mail]]'' (December 20, 2018)</ref>
In 2019, it was still producing gold through its Fred Rebecca gold mine in Zimbabwe.<ref name="ZB">[https://www.iol.co.za/business-report/companies/production-resumes-at-three-zim-gold-mines-as-more-feared-dead-19318484 "Production resumes at three Zim gold mines as more feared dead"], Tawanda Karombo, ''[[iol]]'' (February 15, 2019)</ref>


==Operations==
==Operations==

Revision as of 01:03, 2 May 2020

For the Zimbabwean football club, see Mwana Africa FC.
Asa Resources Group PLC
Company typePublic limited company
LSE: ASA
IndustryMining
PredecessorMwana Africa
African Gold
FoundedSeptember 27, 1987; 37 years ago (1987-09-27) in City of London, United Kingdom
Headquarters
City of London
,
United Kingdom
Websitewww.asaukplc.com

Asa Resources Group is a mining company based in Johannesburg and London. According to the company's website, it is the first African-owned and African-managed business to be listed in the Resources sector of the London Stock Exchange's Alternative Investment Market. Asa was founded in 1987.

History

The firm had a poor financial performance in 2013, with losses totaling $42.5 million, more than $35 million more than the previous year. This was due to a $43.7 million impairment charge for its Bindura Nickel Corporation (BNC) operations in Zimbabwe.[1] In October 2013, Asa appointed Yim Chiu Kwan as its finance director.[2]

In 2014, Mwana Africa fired chairperson Mark Wellesley-Wood "amid suspicion he was an agent for a hostile takeover" by Centar Mining.[3] Mwana Africa in September 2015, rebranded as Asa Resources, with Mwana Africa changing their name after the exit of Mwana founder Kalaa Mpinga.[4]

In 2016, it owned 85% of the Freda Rebecca gold mine, based in Zimbabwe.[5]

In 2017, a manhunt was triggered by Zimbabwean authorities for two former ASA Resource Group executives, over allegations of fraud. At the time, the former CEO and finance director had been missing for several months.[6] $4.3 million were reported unaccounted for, but the company said operations would continue.[7]

The company delisted in London in March 2018.[8]

In 2018, a number of its mines were struggling with debt.[9] Panaf was bidding to buy ASA Resource Group's assets in January 2018.[10] In December that year, it struck a deal with an unnamed company to sell its stake in BNC.[11] It was working on finalizing its exit from BNC to an unnamed mining company by October 2019.[12]

In 2019, it was still producing gold through its Fred Rebecca gold mine in Zimbabwe.[13]

Operations

Asa's products include gold, nickel, copper, zinc, cobalt and, more recently, diamonds and petroleum. Major mining operation interests as of 2007:

By country

Companies

Asa maintains a corporate office in South Africa. The company is expanding its operations by acquiring extant mining companies.

References

  1. ^ Mwana widens FY loss after $43.7m BNC impairment charge, South Africa: Mining Weekly, 2013
  2. ^ Mwana Africa appoints Yim Chiu Kwan as finance director, International: Reuters, 2013
  3. ^ "Mwana Africa sacks chairman", Herald (February 26, 2014)
  4. ^ "Mwana Africa rebrands to Asa Resources", The Independent (September 30, 2015)
  5. ^ "Changes at Asa Resources", Mining Journal (December 16, 2016)
  6. ^ "Missing ASA Resource Group bosses in £3,2m mining scandal", Nehanda Radio (December 29, 2017)
  7. ^ "ASA Resources says $4.3m unaccounted for, but operations continue", Megan Van Wyngaardt, Mining Weekly (April 19, 2017)
  8. ^ "ASA Resources delists from London", Tawanda Musarurwa, eBusinessWeekly (March 6, 2018)
  9. ^ "Mines reel under $31m debt", Charles Laiton, The Independent (February 23, 2018)
  10. ^ "Panaf revealed as mystery bidder for stricken ASA Resource Group", David McKay, Miningmx (January 29, 2018)
  11. ^ "UK firm strikes deal to take over Zim nickel producer BNC", The Zimbabwe Mail (December 20, 2018)
  12. ^ "ASA Resources nears BNC exit", Zimbabwe Situation (October 31, 2019)
  13. ^ "Production resumes at three Zim gold mines as more feared dead", Tawanda Karombo, iol (February 15, 2019)


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