Batirai Manhando has stepped down as the Bindura Nickel Corporation (BNC) managing director to pursue personal interests following close to 30 years of service, the resources group has said.
He will be replaced by Thomas Lusiyano who took over the reins Monday.
Manhando served as MD for the Zimbabwe Stock Exchange-listed entity for the past seven years where was involved in the turnaround and growth of the company.
“During his stint, he actively participated in overseeing the recovery and growth of the company and played a pivotal role through various transitions including the care and maintenance (2008-2012) as well as the rights offer and private placement process which was concluded in September 2012,” BNC board chairman Muchadeyi Masunda said in a statement.
“The company has been profitable and stable since then. We thank Manhando sincerely for his immense during his tenure as managing director.”
Masunda said Manhando will stay till the end of November to allow for the transition.
BNC has three subsidiaries— BSR Limited, Hunter’s Road Nickel Mine (Private) Limited (Hunter’s Road) and Trojan Nickel Mine Limited. Trojan is the only operating entity within the group.
BSR has been dormant since 2004 and Hunter’s Road is still at project stage.
In its financial results for the year ended March 31 2020, tonnes milled decreased by 2% to 434 072 compared to last year in line with the mined ore tonnage.
The production of nickel concentrates decreased in FY2020 by 9% to 5, 720 tonnes compared to 6 289 tonnes last year.
The decrease was primarily due to a decrease in grade as Head grade was 7% lower at 1.53 % compared to 1.64% last year, BNC said.
BNC’s turnover declined 1% to US$52.4m in the period under review from US$54m realised in the comparative prior year despite an improved global price performance.
BNC’s operating profit decreased 86% to US$2.8m, compared to US$20.2m achievement in the same period in 2019.
Source: Business Times Zimbabwe