Published: 06 August 2013

Mwana Africa has written off Bindura Nickel Corporation's non-current assets on concerns over viability of the subsidiary’s operations, plunging the AIM-listed group into a humongous loss.

In a statement, Mwana Africa said it had impaired BNC's plant, property and equipment worth $43.7 million. As a consequence of the impairment, Mwana Africa has suffered a $43.5 million loss in the 12 months to March 31 2013 from $6.7 million incurred in the comparative period last year.

Mwana had registered a $500 000 profit before impairment, but the multi-commodity miner plans to review mining plans at BNC's Trojan Mine could result in reversal of the impairment.
- herald

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