Mwana looks for alternative short-term cashflow sources for BNC

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By Zimbabwe Investor on July 16, 2013. No Comments

bindura0_1523412aLONDON (Zimbabwe Investor) – London-listed Mwana Africa says its subsidiary Bindura Nickel Corporation (BNC) is examining what it called “alternative mine plans” that it hopes will improve short-term cash flow and reduce its funding requirements.

A statement to investors says  “These plans utilise the mining flexibility afforded by the presence of higher grade massive sulphide ore within the Trojan orebody.”

BNC is in the process of seeking short term bridging finance to cover its funding shortfall, and continues to focus on the preservation and integrity of the business and its assets.

Mwana Africa PLC is a pan-African, multi-commodity mining and development company. Mwana’s principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, the DRC and South Africa.

The restart of operations at the BNC owned Trojan Nickel Mine followed four years during which all of the BNC assets were on care and maintenance. In September 2012, BNC carried out a restructuring and recapitalisation involving US$23m being invested into BNC which has allowed it to restart the Trojan mine. First sale of concentrate to Glencore took place in April 2013.