Aviva will lose P64m it spent on development

The Australian resource development company first hit local shores in June 2007 via an agreement with citizen-owned Mawana Minerals. Under the deal, Aviva earned 90 percent equity in the project through the fulfilment of various conditions such as exploration expenditure.

Nearly three years to the day, Aviva has announced that while its expenditure in Mmamantswe has earned it the 90 percent stake, the 10.1 million Australian dollars spent on the project will be unrecoverable.