Zimpapers Logo

Kalaa Mpinga

NICKEL producer Bindura Nickel Corporation (BNC)’s board has been restructured following the company’s annual general meeting in Harare yesterday.

The company’s shareholders unanimously approved the removal of finance director Herman Jacobs and non-executive director James Arthur from the board through a secret ballot.

But technical director Thomas Mashungupa, who — according to board chairman David Murangari —would have been “withdrawn from the BNC board of directors in order to take up another assignment within the Mwana Africa PLC Group”, chose to resign ahead of the annual general meeting.

Former Mwana Africa chief executive Kalaa Mpinga and Ngoni Kudenga did not seek re-election, although both were eligible. The exiting directors were also unanimously replaced by Johannes Lampen, Vanessa Yam, Professor Boajin Zhao and Olivier Barbeau.

Meanwhile, Oliver Chidawu was unanimously re-elected to the BNC board. The changes to the BNC board were largely expected in view of the changes that took place at parent company level — Mwana Africa — earlier in June.

Yat Hoi Ning, the chairman of China International Mining Group Corporation — Mwana’s biggest shareholder — took over from Mpinga, while several board changes at group level were also instituted. Mwana Africa owns a 75 percent stake in the nickel producer.

Meanwhile, giving a trading update for the first quarter of the company’s 2016 financial year, Murangari said production for the quarter at 130,480 tonnes was 27 percent below budget due to a deficit in active draw points, as well as equipment breakdown. But he said production should increase in the second quarter.

“Production is expected to improve in the quarter ending September 30, 2015, due to performance enhancement measures currently being implemented.”

Tonnes milled during the quarter amounted to 129,523 tonnes, which was 23 percent below target.

However nickel in concentrate during the period under review stood at 1,349 tonnes, which was higher than target for the quarter. The chairman said this was a result of “high grade received during the period.” — Bh24