Bindura Nickel Corporation has posted US$5.8 million half year profit, from US$3.4million.
The mine could have posted much more, were it not for the mandatory cede requirements.
Miners sell 40% of their earnings to Reserve Bank of Zimbabwe at the auction rate.
However, they procure inputs at parallel market rates, which erodes their earnings.
This reportedly cost BNC around US$1.2m in 6 months.
Bindura Nickel Corporation is a mining company based in Zimbabwe’s Mashonaland Central.
Bindura operates mines and a smelter complex in the area of Bindura, Zimbabwe.
It is operated and majority-owned Mwana Africa plc, an African multinational mining company based in Johannesburg.
Zwnews
