JOHANNESBURG (miningweekly.com) – Aim-listed Mwana Africa’s 74.73%-owned subsidiary Bindura Nickel Corporation (BNC) has successfully closed a $20-million bond to buy new equipment for its smelter, in Zimbabwe.
BNC was planning to reopen the smelter by December.
Mwana CEO Kalaa Mpinga noted that the closing of the corporate bond offer demonstrated the confidence of Zimbabwean financial institutions in the prospects for BNC and its management team to provide a financial return.
The smelter would also deliver tangible social benefits through job creation and the in-country beneficiation of Zimbabwe's natural resources with the support of the Zimbabwe government.
“In particular, Ecobank Zimbabwe has donated its time and efforts to ensure this bond issue is a success, reaffirming its commitment to helping build a market for those seeking investments.
“This is the first corporate bond to be issued for a mining company with both prescribed and liquid asset status, and we shall endeavour to deliver on the stated 12-month accelerated smelter restart plan," Mpinga added.