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Investor snaps up 74,73% BNC shareholding

AN unnamed Zimbabwean mining company has snapped up a controlling 74,73% shareholding in Bindura Nickel Corporation (BNC).


AN unnamed Zimbabwean mining company has snapped up a controlling 74,73% shareholding in Bindura Nickel Corporation (BNC).

BNC is a subsidiary of Asa Resource, an African focused mining group.

“Shareholders are referred to the cautionary statement published on August 8, 2019 advising that the ultimate holding company of BNC, currently under administration), has entered into a Sale and Purchase Agreement (“SPA”) with a third party in relation to the. The third party is a Zimbabwean based mining entity with interests in the mining and production of ferrous metals, non-ferrous metals and precious metals,” BNC said.

BNC recorded a profit-after-tax of US$13,5 million for the year ended March 31, 2019, compared to the US$5,8 million recorded in the prior year, while revenue increased by 1% to US$54 million driven by improved global nickel concentrate prices to US$8 376 from US$7 249 per tonne.

BNC nickel concentrate sold was 60 tonnes lower to 6 410 tonnes from 6 470 tonnes sold in the comparative period last year.

The cost of producing nickel in concentrate increased from US$6 289 per tonne to US$6 610 per tonne year on year buoyed by improved local inputs pricing.

Net asset position improved to a positive US$1,5 million from negative US$4,7 million in the prior year.

The company’s non-current liabilities decreased by 31% from US$19,2 million due to a decline in interest bearing loans and borrowings.

Current assets dropped 21% from US$28,1 million recorded in the prior year to US$22,1 million owing to a decline in cash and short term deposits.

ASA was placed under judicial management in July 2017 after struggling to service its obligations.

BNC operates mines and a smelter complex in Bindura, which is engaged in the mining and extraction of nickel, and production of nickel by-products (copper and cobalt).

It is a subsidiary of Zimnick Limited, operated and majority-owned by Mwana Africa plc.

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