African markets

Bindura Nickel Corporation exits Zimbabwe Stock Exchange and considers listing on VFEX

ZIMBABWE’s largest nickel mine, Bindura Nickel Corporation (ZSE: CONNECT) the shares will cease trading on the Zimbabwe Stock Exchange (ZSE) today to allow a smooth migration process to the Victoria Falls Stock Exchange (VFEX) denominated in US dollars.

BNC is expected to be listed on VFEX on December 19, 2021, subject to shareholder approval at an extraordinary general meeting scheduled for December 13, 2021.

“Following the publication of the circular of Bindura Nickel Corporation Limited (BNC) on November 18, 2021, members of the investing public are further informed that the last trading day for BNC shares will be December 9, 2021.

“As of December 10, 2021, the Zimbabwe Stock Exchange will institute a securities stop in trading BNC shares.

“This shutdown should allow a smooth migration of BNC shares from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange, if approval is granted by shareholders at the EGM scheduled for December 13, 2021,” said Justin Bgoni, Director General of ZSE. A declaration.

He added that the shutdown will remain in effect until December 15, 2021 and that investors will not be able to buy or sell BNC shares during the period of effect of the securities shutdown.

After one year of existence, the VFEX has under its listing, SeedCo International, Padenga Holdings and Caledonia.

VFEX offers a series of incentives, including capital gains tax exemptions and the ability to repatriate funds from a country where foreign exchange is scarce, to attract global capital.

Kuvimba Mining House Ltd, owns a majority stake in the nickel miner. For the six-month period ended September 30, 2021, BNC’s nickel concentrate production was 2,553 tonnes, down 13% from the 2,929 tonnes produced in the same period last year.

The company said the drop was mainly due to the head grade of 1.26%, which is 22% lower than in the 6-month period to September 2020.

“In addition, and as previously indicated, the late commissioning of the Shaft Re-deep and Tie-in project resulted in only four (4) days of production in April 2021.”

The Company continued its ongoing program of replacing old and obsolete mobile mining equipment with a total capital expenditure of US $ 4.7 million, of which US $ 1.2 million was spent on a new platform. exploration drilling rig, a loading, transport and unloading platform. (LHD) and also on major reconstructions of LHDs and existing platforms.