Bindura Nickel Corporation (BNC)

Bindura Nickel Corp (BNC)

Full name:: Bindura Nickel Corporation (BNC)
Mwana interest:: Mwana Africa Holdings (Pty) Limited acquired a controlling interest (53%) in BNC from Anglo American Corporation of Zimbabwe in 2003. BNC is listed on the Zimbabwean Stock Exchange.
Geology and history:: The company operates two nickel mines, Shangani and Trojan, which have hoisting and treatment capacity of 1.0Mt and 1.1Mt a year respectively.; The Bindura Smelter and Refinery complex produces high quality nickel cathodes, copper sulphide and cobalt hydroxide. Nickel concentrates and nickel matte are toll treated to utilise spare capacity. Current smelter capacity is 17,000tpa and for the refinery 14,500tpa.; The lives of Shangani and Trojan are estimated to be about two and seven years respectively. The Trojan shaft is being deepened by some 480m to access new reserves and this could extend the life of mine up to 2018. Development of a conveyor decline has commenced at Shangani to access deeper ore on the Far West Orebody. This will extend the life of mine to 2012.
Current status and prospects:: A new concentrator designed to improve nickel recovery and reduce the talk content of the concentrate, is currently under construction. This will replace the Trojan mine concentrator which was built in the early 1970s (excessive talc has a deleterious effect on the smelter operation).; The lives of Shangani and Trojan are estimated to be around 2 and 7 years respectively. The Trojan shaft is being deepened by some 480m to access new reserves and this could extend the life-of-mine to 2018. Development of a conveyor decline has commenced at Shangani to access deeper ore on the far west ore body. This will extend the life-of-mine to 2012. Opportunities are being investigated to expand nickel refinery capacity and to re-establish the copper recovery circuit.

Reserves and Resources

Bindura Nickel Corporation - Resources and Reserves as at December 2006
Classification of reserves	Tonnage (000t)	Grade (%)	Nickel (t)	Classification of reserves	Tonnage (000t)	Grade (%)	Nickel (t)
Proven				Measured
Trojan	666	0.79	5,242	Trojan	1,965	0.90	17,768
Shangani	508	0.41	2,108	Shangani	662	0.43	2,878
Total	1,174	0.63	7,350	Total	2,627	0.79	20,646

Probable				Indicated
Trojan	75	0.75	568	Trojan	4,436	1.89	83,792
Shangani	5,635	0.46	26,035	Shangani	800	0.50	3,993
Total	5,710	0.47	26,603	Total	5,236	1.68	87,785

Reserves				Resources
Trojan	742	0.69	5,810	Trojan	6,401	1.59	101,560
Shangani	6,143	0.41	28,143	Shangani	1,462	0.47	6,871
Total December 2006	6,885	0.56	33,953	Total December 2006	7,863	1.38	108,431
December 2005	5,609	0.56	31,184	December 2005	6,820	1.07	72,737

Inferred resources below existing infrastructure
Inferred resources	Tonnage (ooot)	Grade (%)	Nickel (t)
Trojan	7,942	0.72	57,413
Shangani	5,243	0.52	27,442
Total inferred	13,185	0.64	84,855

Note:

The resources are quoted exclusive of reserves.
Ore reserves exclude adjustments for metallurgical recoveries.
Reserves are defined above 35L at Trojan and above 795L at the Shangani.
Far West orebody and above 930lL at the Main orebody.

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Trojan Mine

The new Trojan concentrator has been commissioned as from the 1^st of April 2008.

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Bindura Nickel Corp (BNC)

Reserves and Resources

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Trojan Mine

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