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of South Africa loan facility.
This follows the fulfillment of required conditions for the loan, including the provision by the Export Credit Insurance Corporation of South Africa (ECIC) of political risk insurance for the facility.
The IDC is a self-financing, South African state-owned national development finance institution providing finance to promote industrial and entrepreneurial development.
According to Freda’s parent company, Mwana Africa, the loan is repayable in 10 equal instalments over a five-year period and a 5 percent over US dollar Libor interest rate.
Mwana Africa chief executive Mr Kalaa Mpinga said the drawdown would enable the mine to ramp up production.
“We are delighted with IDC’s support for Freda Rebecca. This loan marks a significant development for project finance into Zimbabwe,” he said.
“The production ramp-up at Freda Rebecca continues to progress and our expansion to 50 000 ounces per annum is well advanced.” 
Freda Rebecca milled 30 000 ounces of gold last year. According to the company, the drawdown of the second tranche of up to US$6 million is conditional on further conditions precedent being met.
Mwana acquired Freda Rebecca from AngloGold in 2005. Last year the mining group committed to selling a 15 percent stake to a local investor as a measure to comply with the country’s indigenisation regulations.
Mwana’s nickel producer, Bindura Nickel Corporation (BNC), recently signed an output offtake agreement with Switzerland-based Glencore International AG.
BNC’s flagship, Trojan Mine, discontinued operations in 2005 and requires at least US$20 million to resume operations.
Mwana has operations in Zimbabwe and South Africa and exploration projects and interests in the Democratic Republic of Congo, Angola, Ghana and Botswana.
The group has a diverse asset base, including gold, nickel, copper, cobalt and diamonds.