Asa Resource Group denies lawsuit with Zindico Consortium

AIM-listed gold miner Asa Resource Group has denied that that there is a legal dispute with investor Zindico Consortium.

The company said on Thursday that it has “not been served with any court papers and has no knowledge” of the alleged claim regarding its Freda Rebecca mine, in Bindura, Zimbabwe.

The Zimbabwe Daily reported on Tuesday that the company, then known as Mwana Africa, had been slapped with $20m lawsuit by Zindico for refusing to acknowledge a share purchase agreement signed in 2013, which gave Zindico the right to buy 26% of Freda Rebecca.

Asa Resource confirmed that there “has been no communication with Zindico or any other party about the allegations”.

Shares in Asa Resource Group were up 5.71% to 1.85p at 1254 GMT.