Bindura Nickel Corporation Limited (BIND.zw) HY2020 Interim Report

We have extracted the Chairman’s Statement from the 2020 half year report for Bindura Nickel Corporation (BIND.zw), listed on the Zimbabwe Stock Exchange:

OVERVIEW
Highlights for the year under review are summarised below:

  • Zero fatalities;
  • 4% decrease in nickel production to 2 943 tonnes (H1 FY2019: 3 076 tonnes);
  • 1% increase in average nickel price realised to US$9 052/t (H1 FY2019: US$9 001/t);
  • Revenue increased by 8% to US$28.3 million (H1 FY2019: US$26.2 million);
  • Profit after tax: US$6.6 million, up 136% year on year (H1 FY2019: US$2.8 million);
  • 1% increase in nickel sales tonnage;
  • 5% decrease in cash costs (AISC) to US$6 574/t (H1 FY2019: US$6 900/t);
  • Capital expenditure of US$3.0 million incurred during the period under review;
  • Upgrade and refurbishment on the smelter 83% complete;
  • Smelter Bond obligation of ZWL3.0 million for the half year was fulfilled.

SAFETY

No fatalities were recorded at any of our operations or projects during the year. The Board and Management take safety very seriously, given the inherently hazardous nature of mining. We have a zero tolerance to accidents. SHEQ systems are continually being developed and implemented to improve performance. The main area of focus on safety is to change the behaviour of employees in order to prevent or minimize accidents in line with the Corporation’s zero harm goal.

FINANCIAL RESULTS

Income statement

The Company sold 3 002 tonnes of Nickel in concentrate, compared to 2 980 tonnes sold in the comparative period last year. An average nickel price of US$9 052 per tonne was realised for the sale of Nickel in concentrate, compared to US$9 001 per tonne achieved in the same p