Mwana Africa founder and CEO resigns after board shake-up

HARARE, June 10 (Reuters) - The founder and chief executive of pan-African miner Mwana Africa (LSE: MWA.L - news) stepped down on Wednesday after a boardroom shake-up at the firm, the London-listed company said.

Mwana did not give a reason for the departure of Kalaa Mpinga, who founded the company in 2003 and has been its chief executive since, but said the terms of his departure were yet to be finalised and agreed by both parties.

Some minority shareholders had asked for an extra-ordinary general meeting to remove Mwana's chairman and three members of the board. The chairman and another director resigned last week ahead of Tuesday's meeting where two Zimbabwean board members were removed.

Yat Hoi Ning, who was appointed Mwana's new executive chairman on Tuesday, said the changes were a new start for Mwana and its shareholders.

In 2012, China International Mining Group Corporation (CIMGC) became the largest shareholder in Mwana but took the company to court last year over the appointment of directors. CIMGC withdrew its case last week after a settlement.

Some of Mwana's assets include one of Zimbabwe's biggest gold mines and Africa's only integrated nickel producer, Bindura Nickel, which runs a mine, smelter and refinery.

Bindura said in January it plans to restart its smelter by December after raising $20 million from a five-year bond.

Its smelter and refinery were closed for more than 10 years after nickel prices fell and Zimbabwe's economy went into recession, making operations unprofitable. (Reporting by MacDonald Dzirutwe; Editing by James Macharia)