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Mwana Africa says it will provide a $10 million convertible loan facility to its to Bindura Nickel Corporation (BNC).
This comes after BNC's shareholders approved the facility at an annual general meeting held on September 22, 2011.
Mwana holds a 52.9 percent controlling interest in BNC.
The group said the loan element of the facility has been approved by the Reserve Bank of Zimbabwe.
“Mwana will be able to exercise the convertible element of the facility only upon a further specific approval by the RBZ and the Ministry of Youth Development, Indigenisation and Empowerment,” Mwana said.
Mwana is currently trying to reopen BNC, which was placed under care and maintainance in November 2008 due to unviable nickel prices.
BNC has struggled to access offshore loans, to finance the first of its three phased restarting of the nickel mining and refining operations.
This comes after BNC's shareholders approved the facility at an annual general meeting held on September 22, 2011.
Mwana holds a 52.9 percent controlling interest in BNC.
The group said the loan element of the facility has been approved by the Reserve Bank of Zimbabwe.
“Mwana will be able to exercise the convertible element of the facility only upon a further specific approval by the RBZ and the Ministry of Youth Development, Indigenisation and Empowerment,” Mwana said.
Mwana is currently trying to reopen BNC, which was placed under care and maintainance in November 2008 due to unviable nickel prices.
BNC has struggled to access offshore loans, to finance the first of its three phased restarting of the nickel mining and refining operations.
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