Biggest Zimbabwe nickel miner eyes Victoria Falls bourse listing
Zimbabwe’s biggest nickel operation plans to list on the U.S. dollar-denominated stock exchange in Victoria Falls, as part of efforts to ignite foreign interest in the miner.
Bindura Nickel Corp. has requested shareholder approval to delist from the Zimbabwe Stock Exchange and list on the Victoria Falls Stock Exchange, or VFEX, it said in a circular to shareholders published in the Harare based daily, the Herald. The request follows board approval on Oct. 15.
“VFEX avails the company an exchange control regime designed to attract international investors with the ease which they can deal in shares listed thereon as well as repatriate both their capital and earnings in US dollars,” the miner said. “After migrating to the VFEX, BNC will have a potential source of capital that matches its needs better than what is available through ZSE listing.”
VFEX is offering a raft of incentives including tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply to attract global capital. Since opening in October 2020, the bourse has attracted two listings, and may soon have a third from Caledonia Mining Corp., Zimbabwe’s second-largest gold producer by volume.
Kuvimba Mining House owns a majority stake in the miner, situated in Bindura, north of the capital, Harare. It produced about 5 300 t of nickel concentrate in the year through March, with the aim to boost that to 10 000 t in the long term.
Shareholders will vote on the resolution at an extraordinary general meeting on Dec. 13.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation