BNC repays quarter of $20m smelter bond

BNC repays quarter of $20m smelter bond
Published: 18 May 2018
Zimbabwe Stock Exchange (ZSE) listed integrated nickel miner, Bindura Nickel Corporation (BNC), has successfully repaid $5 million (25 percent) of the $20 million the company mobilised through a bond issue to restart its Trojan Mine smelter.

Managing director Batirai Manhando, said despite fears in certain quarters that BNC could fail to meet its bond obligations due to financial constraints, the firm managed to make interest and principal payments on time.

The fears stemmed from the fact that at one point the price of nickel dropped to levels that appeared to make it impossible for the integrated nickel miner to ring-fence part of the export sales towards a sinking fund created to service bond obligations.
- Business Weekly
Tags: BNC,

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