Export incentive scheme & Top producer award

 

Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")


Export incentive scheme & Top producer award


Asa Resource is pleased to announce that Freda Rebecca Gold Mine, in which the Group has an 85% interest, has received export incentive credits and a Top Producer award.

 

The Reserve Bank of Zimbabwe introduced a 2.5% export incentive scheme to large mining exporters effective 1st May 2016. This was to address the challenges of low productivity and promote export earnings. Freda Rebecca earned US$1.3m in export incentive cash credits for the period to December 2016.

 

Freda Rebecca has 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 $4.5 million in cash rebates from the Reserve Bank of Zimbabwe.

 

Mr Yat Hoi Ning, Group Chief Executive Officer, commented: "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."

 

CONTACT

 

London

Asa Resource Group plc.           

One Fleet Place, London EC4M 7W       

Niall Henry, non-executive Director (Investor Relations)

communications@asaukplc.com

 

Hong Kong

Yim Kwan, Finance Director

Asa Resource Group plc.

Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong

 

Nominated Adviser and Joint Broker

SP Angel Corporate Finance LLP

Prince Frederick House, 35-39 Maddox Street, London W1S 2PP

John Mackay, Jeff Keating, Caroline Rowe

Tel: +44 (0) 20 3470 0470