AFRICA’s only integrated nickel mining company Bindura Nickel Corporation (BNC) is in the final stages of evaluating a takeover bids process which is set for finality in the next two weeks.
This comes amid reports that a firm linked to under-fire oil mogul Kudakwashe Tagwirei is set to acquire the mining giant. Speaking to shareholders Thursday, BNC chairman Muchadeyi Masunda said the process is going on smoothly.
“Joint administrators are evaluating various bids that have been submitted while the prospective investors are carrying out due diligence in respect of the assets owned by ASA Resources,” he said.
ASA Resource Group, formerly known as ASA Mwana Africa Plc, acquired the majority shareholding in BNC from Anglo American Corporation Ltd and Freda Rebecca Gold Mine Ltd from Anglo Ashanti Gold in 2004.
ASA enjoyed about 75% and 85% of the issued shares of Bindura Nickel Corporation and Freda Rebecca Gold Mine respectively. However, mismanagement of funds and illegal externalisation by the ASA Resource group prompted BNC debts to rise to over US$31 million.
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