BINDURA Nickel Corporation (BNC) says the US$26 million smelter restart project remains on hold but plans are afoot to complete it when nickel prices firm in future.
BNC floated a $20 million bond almost four years ago to raise the bulk of the $26,5 million Africa’s only integrated nickel extractor needed to restart its Trojan Mine smelter, with significant attendant benefits expected.
But nickel prices have plunged below the break-even price of $16 000 per tonne to around $7 000 per tonne, resulting in BNC suspending the project owing to funding constraints.
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Muchadeyi Masunda, BNC chairman
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