Bindura Nickel Corp posts US$5.8m half year profit

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