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Asa Resource to counter Zindico's claim to indigenize Freda Rebecca mine

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Asa Resource to counter Zindico's claim to indigenize Freda Rebecca mine

Asa Resource Group Plc on Jan. 24 said it has instructed its legal team in Zimbabwe to file papers opposing the claim lodged by Zindico Consortium in the High Court of Zimbabwe against the company, Mwana Africa (Mauritius), Freda Rebecca Holdings Pvt. Ltd., the National Indigenisation and Economic Empowerment Board and the Ministry of Youth Development Indigenisation and Economic Empowerment.

Zindico's claim seeks to indigenize the company's 85%-owned Freda Rebecca gold mine in the country, but Asa does not see any merit to the claim.

Asa previously said the claim appears to be based on a two-year-old draft and unsigned agreement that relates to Zimbabwean indigenization laws and was apparently negotiated by former Mwana Africa Plc CEO Kalaa Mpinga, who appears to have never submitted the agreement to the board for approval.

According to the miner, mining operations at Freda Rebecca continue as normal, and the company's board does not expect the claim to cause any disruption to the mine.