Mwana Africa Plans to Refine PGMs in Zimbabwe

Bloomberg reported that Mwana Africa plc (LSE:MWA) plans to raise money to restart a Zimbabwe-based Bindura Nickel Corp. refinery that was mothballed six years ago. The company intends to use it to refine platinum-group metals (PGMs).

As quoted in the market news:

Zimbabwe is putting pressure on the local units of the world’s biggest platinum producers, Anglo American Platinum Ltd. (AMS) and Impala Platinum Holdings Ltd. (IMP), to bid for the rights to build refineries. The government plans to ban raw exports of platinum by the end of the year in a bid to stimulate growth in the southern African country, which has the world’s largest reserves of the metal after South Africa.

Click here to read the full Bloomberg report.