BNC back in the black

HARARE - Mwana Africa’s Zimbabwean unit Bindura Nickel Corporation (BNC) said it expects its profit after tax for the second half to March 2014 to be significantly higher than first half’s $3,3 million.

The miner, which incurred a $12,9 million loss in the year to March 2013, said the improved performance was on the back of resumed nickel production at BNC’s Trojan Mine.

In the year to March last year BNC’s retrenchment costs skyrocketed to $7,1 million arising from company restructuring were included in the loss for the year.

Operating costs amounted to $5 million in the last half of the financial year after the group revised its accounting policy on property, plant and equipment to allow for capitalisation of any costs directly attributable to bringing the asset to the location and condition necessary for the company to be of sound operation.

Comments (3)

The Nickel -Price recently went up by 50 percent and this could add more Profit into the Company. A very cheap counter anyway.

Emperor - 16 June 2014

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