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Asa Resource to probe allegations over Freda Rebecca mine's financial management

Asa Resource Group Plc said April 4 that it will initiate a review of certain anonymous allegations it received relating to aspects of the financial management at its majority-owned Freda Rebecca gold mine in Zimbabwe.

The company's board believes that the allegations are "completely mischievous," with similarities to a lawsuit filed against Freda Rebecca in January.

Asa directors also "strongly suspect" that certain disgruntled former employees may be behind the allegations, referring to the claims as unsubstantiated and designed to hamper the ongoing restructuring that aims to improve Asa's Zimbabwean operations.

The alleged matters are not expected to have any impact on Freda Rebecca's continuing operations, and Asa anticipates completing the inquiry in a matter of weeks.

Asa is facing a claim lodged by Zindico Consortium in January, which seeks to indigenize the Freda Rebecca mine.