BINDURA Nickel Corporation (BNC) will report a higher profit in its full year results on June 30 following resumption of nickel production at its Trojan Mine, the company revealed last week.
“Factors contributing to the improvement include the resumption of Nickel production from the company’s Trojan Mine and ramp up to full capacity,” said BNC.
“The board advises shareholders that based on preliminary unaudited figures, the company’s taxed profit for the second half of the financial year ended March 31 2014 is expected to be significantly higher than the first half year’s $3,3 million.”
In its full year to March 31, 2013 the company recorded an after tax loss of $12,9 million.
BNC’s London-listed parent company, Mwana Africa on Wednesday said it would soon commence work on the refurbishment of the $26 million BNC smelter, which will also be adapted to treat platinum group metals.
Mwana Africa said the smelter, to be completed during the first half of 2015, would offer “significant” financial and strategic benefits to BNC contributing to cash flows in 2016.
The company said the Trojan concentrate production will be 106,677 tonnes per annum with spare capacity on the smelter to treat third-party material.Advertisement