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Bindura Nickel Corp in a off-take deal with Glencore

by Byo24NEWS
07 Feb 2011 at 14:02hrs | Views
Zimbabwe's Bindura Nickel Corp (BNC), majority owned by multi-commodity resources firm Mwana Africa, signed a nickel off-take agreement with Glencore International AG, the world's biggest commodities trader.

The agreement will cover all the nickel concentrate to be produced following the restart of operations at the Trojan mine located at Bindura, Zimbabwe, Mwana, a pan-African company, said.

In March, Mwana had said it was looking to restart some operations at its 53-percent owned Bindura Nickel's Trojan mine in six to seven months.

A review in the second half of last year certified that the mine had 3.5 million tonnes of ore and demonstrated the potential to increase resources.

"After processing, BNC expects to produce concentrate containing 7,000 tonnes nickel per year at steady state," Mwana said in a statement on Monday.

Mwana shares, which have risen 18 percent since the company said in August an independent review confirmed the economic viability of the Trojan mine restart, were trading flat at 11 pence at 0830 GMT on the London Stock Exchange.

Source - Mine Web