Asa Resource mine earns significant Zimbabwe export incentive

Asa Resource Group announced on Tuesday that Freda Rebecca Gold Mine, in which it holds an 85% interest, has received export incentive credits and a Top Producer award.

The AIM-traded firm said the Reserve Bank of Zimbabwe introduced a 2.5% export incentive scheme to large mining exporters effective 1 May 2016, to address the challenges of low productivity and promote export earnings.

Freda Rebecca earned a $1.3m in export incentive cash credits for the period to December 2016.

The mine also won the inaugural Best Large Scale Top Producer award, which attracts an additional 2.5% export incentive bonus credits for the period January to December 2017.

Freda Rebecca therefore will have a total export incentive in the next 12 months of 5%, which translates to more than $4.5m in cash rebates from the Reserve Bank of Zimbabwe.

“This recognition is a great credit to the efforts of all the employees at Freda Rebecca and is an acknowledgement of the contribution we make to the Zimbabwean mining economy and the local community,” said group chief executive Yat Hoi Ning.