• Bindura Nickel Corporation (BNC) will appoint a new finance director following the resignation of Believemore Hatinzwani Dirorimwe
  • BNC, a troubled nickel miner, anticipates another severe loss in 2024 after recording a loss of US$18 million in 2023
  • The incoming finance director faces the task of improving cash flows and restoring profitability for the company

Harare - Bindura Nickel Corporation (BNC), a troubled nickel mining company, is preparing to appoint a new finance director following the resignation of Believemore Hatinzwani Dirorimwe. The company, which experienced a significant loss of US$18.4 million in 2023 and is expecting another severe loss in 2024, announced the departure of Dirorimwe in its latest circular.

Dirorimwe, who joined BNC on May 1, 2023, decided to resign from his position and the company's board on March 12, 2024, in order to explore other opportunities. His tenure as the financial decision-maker for BNC was short-lived, lasting only ten months.

The company expressed its gratitude to Dirorimwe for his dedicated and comprehensive service and wished him success in his future endeavors.

BNC also stated that it would announce the appointment of a replacement finance director in the near future.

Since becoming a subsidiary of Kuvimba in 2020, BNC has faced not only profitability challenges but also production difficulties. In the third quarter of 2024, the company experienced a historic low of three consecutive months with no production.

This downturn was attributed in part to the malfunctioning of the Sub Vertical Rock Winder bull gear, an issue that was raised as early as 2022.

Additionally, the decline in global nickel prices contributed to the company's financial struggles, as it became necessary to offset the poor prices through increased production.

The incoming finance director will bear the responsibility of ensuring positive cash flows for the company, working alongside the CEO and COO to restore profitability and productivity.

BNC faces significant challenges in its journey towards financial recovery.

Equity Axis News