Bindura Nickel Corporation operates a mine and owns a smelter and refinery complex, which are both currently not operational, in Bindura, Zimbabwe. It was established in 1966 by Anglo-American Corporation and was listed on the ZSE in 1971. The Company is engaged in the mining and extraction of nickel and its by-products (copper and cobalt). The Company’s major product is nickel in concentrate which contain nickel sulphide. The main uses of nickel are in the production of stainless steel. With the development of electric and hybrid cars in the automotive industry, the demand for nickel sulphide is projected to rise steadily in the medium to long term.
Bindura Nickel Corporation is the largest nickel mining entity in Zimbabwe, whose track record has been built over a period exceeding half a century, anchored on a robust and sustainable mineral resource base, diversity and operational excellence. The Company was established in 1966 by Anglo-American Corporation and was listed on the Zimbabwe Stock Exchange in 1971.
BNC has nickel resources across Zimbabwe under mining, processing, and exploration assets. These are Trojan Mine, Shangani Mine, the Hunters Road Project, Damba-Silwane as well as the Trojan Hill and Kingstone Hill Projects. Collectively, these resources amount to a total of 72.5 million tonnes of ore, at an average grade of 0.60%, containing approximately 434.8 kilo-tonnes of nickel. Based on this resource base, our stakeholders, including Shareholders and other investors, are assured of the continued existence of the Company, into the long-term future.
Trojan Mine is currently the Company’s flagship. It is endowed with ore deposits of 0.26 million tonnes, whose average grade is approximately 5.42%. The Mine also has low grade disseminated ore of approximately 8.33 million tonnes at about 0.86% nickel, and this supports a high-volume mining strategy. A combination of the high grade and low-grade ore are an enhancement to the Company’s sustainability, as it supports a mining strategy based on blending.
The Trojan Mine Concentrator has an installed capacity of 1 million tonnes per annum. However, it is currently operating at 50% of this capacity.
The Company has other ore sources/mineral resources at: Hunters Road (200 000 tonnes contained nickel), Kingstone Hill (potential of 432 000 tonnes contained nickel), Trojan Hill (potential of 13 000 tonnes contained nickel) and the BSR Slag Dump (7 309 tonnes nickel; 2 924 tonnes copper and 6 139 tonnes cobalt)
The currently idle Smelting Plant will add value if restarted, provided the price of nickel is right and feed sources to run the Plant optimally are secured.
Our products are sought after worldwide. In addition, the electric car revolution will lead to greater demand for our nickel and firmer product prices, which will culminate in added value. This makes BNC an attractive investment choice for anyone who wishes to invest in real value.
|MARKET CAP||ZW$ (M) 0|
|SHARES ISSUED (31/10/2021)||0|
|EARNINGS PER SHARE (EPS)||0.00000 ZW$|
|KUVIMBA MINING HOUSE (PVT) LTD||926,610,403||0.00|
|QUANT AFRICA WEALTH MANAGEMENT (PVT) LTD||88,666,680||0.00|
|ABC ASSET MANAGEMENT (PVT) LTD||8,545,337||0.00|
|ENGINEERING AND ELECTRICAL SUPPLIES||8,475,864||0.00|
|PUBLIC SERVICE COMMISS PF-ABC||8,148,583||0.00|
|NSSA STAFF PENSION FUND – ABC||7,687,907||0.00|
|SUNCOLD INVESTMENTS (PVT) LTD||5,370,943||0.00|
|STANBIC NOMINEES (PVT) LTD||45,939,490||0.00|
|Registered Name||Bindura Nickel Corporation Limited|
|Mr||M A Masunda|
|Mr||M J Bronn|
|Mr||D H Brown|
|Mrs||C C Jinya|
|Mrs||C D Malaba|
|Mr||C G Meerholz|
|Address||No. 1 Trojan Mine Road, Bindura|
|Profit After Tax (PAT) (million)||105.258||120.558||104.381||117.970||140.780|
|Share Capital (million)||0.013||0.013||0.013||0.013||0.013|
|Total Equity (million)||44.157||46.079||40.240||39.630||38.981|
|Total Liabilities (million)||46.253||58.367||52.460||40.619||52.301|
|Cash And Other Cash Equivalents (million)||0.380||4.319||1.367||3.410||11.946|
|Total Assets (million)||96.976||97.850||89.335||91.435||82.135|
Functional currency used is USD
The Board recognizes that in order to effectively play its role of setting out the Group’s strategy and reviewing the Group’s strategic direction, it must observe good corporate governance and comply with emerging global governance requirements. It is the Board’s responsibility to ensure the Group observes generally accepted principles of corporate governance as enunciated in the various codes on corporate governance as well as compliance with laid-down regulatory obligations. The Board is fully cognisant of the standards set out in the King Codes and the Zimbabwe National Code on Corporate Governance and ensures that these are complied with in the Group.
As a listed entity on the Zimbabwe Stock Exchange, the Group is obliged to comply with the latter’s Listing Rules. The Group’s operations are also subject to laws and regulations imposed by government and local authorities. The Board ensures that every effort is made to comply with these laws and regulations to the letter. The Board meets four times a year.
The Board has ten members: two executive directors and eight non-executive directors. The Board is chaired by an independent non-executive director. Independent non-executive means independence from management and absence of any business relationship which might have an impact on the director’s independence of judgment and ability to act in the best interests of the Group.
The Companies and Other Business Entities Act (24:31) provide that at least one third of the directors must retire at every annual general meeting and, if eligible, seek re-election.
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