BNC confident of turning fortunes around
BUSINESS REPORTER
Victoria Falls Stock Exchange listed miner, Bindura Nickel Corporation (BNC), says it is on the right track to turn things around following subdued performance in the quarter to December 31,2022.
The lacklustre performance was attributed to the breakdown of its sub-vertical rock winder (SVR) at Trojan Mine.
The SVR, which is used to hoist ore and waste from the underground mining operations, broke down in October last year following a seismic event which caused the SVR’s centre bearing to overheat due to misalignment.
But, company secretary, Conrad Mukanganga, said: “The last quarter of financial year 2023 will be focused on ramping up ore volumes, increasing nickel production, stabilising mining operations, and returning the business to profitability, in the aftermath of the SVR breakdown and its recommissioning. Tonnages of ore hoisted will, however, be within the constraints imposed by the SVR bull gear.”
He said the SVR breakdown in the reviewed period led to the temporary stoppage of ore hoisting operations and, consequently, the production of nickel concentrates.
Consequently, ore mined was 49% lower during the reviewed period compared to the same period the previous year.
Tonnes milled decreased by 48% in comparison to the corresponding period last year, in line with the decrease in tonnage mined.
Ore head grade, at 0.74%, was 53% lower than the prior comparative period, due to the lower proportion of high-grade massive ores in the tonnage mix.
Nickel in concentrate produced was 80% lower than for the same period the previous year, reflecting the lower ore tonnage milled.
Ore mined decreased by 18% when compared to the corresponding period in the previous year as a result of the SVR breakdown and the delay in the delivery of the underground mining mobile equipment required for the transition from a high grade – low volume to a high volume – low grade mining strategy.
The delay in the delivery of the equipment was due to disruptions in the global supply chains, as a result of the protracted effects of the Covid-19 pandemic and the ongoing geo-political tensions related to the Russo-Ukraine conflict.
Tonnes ore milled decreased by 17% in line with the decrease in the tonnes ore mined.
