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Bindura Nickel Corp records USD 5,8 million profit

Metal News - Published on Thu, 12 Jul 2018

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Nehanda Radio reported that Listed mining concern Bindura Nickel Corporation is operating on shaky ground despite recording USD 5,8 million after-tax profits in the full year to March 31, 2018. The group’s chairperson Mr Muchadeyi Masunda said that “despite posting healthy profits, BNC’s total assets exceeded total liabilities by USD 46,1 million. The group’s current liabilities exceeded its current assets by USD 4,7 million. Consequently, the group’s ability to continue as a going concern is dependent on its ability to generate positive cash flows.”

BNC’s troubles started last year when the company’s directors Yim Chiu Kwan, 63, and Yat Hoi Ning, 61, are alleged to have defrauded the firm of over USD 2,7 million. The duo is currently on the police wanted list.

Mr Masunda said the company’s current directors are of the view that the group will be in a position to finance future operations, complete with the smelter project and settle any liabilities that may occur in the ordinary course of business.

BNC’s USD 21,5 million smelter project, which was expected to be completed last year, is yet to be finished.

Mr Masunda said that “The delay in completing the project was caused by constrained cash flows for financing the remaining work due to prevailing low nickel prices.

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Posted By : Joykumar Irom on Thu, 12 Jul 2018
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