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Inter-Horizon Securities (Pvt) Limited (IH Securities) is a securities trading company facilitating trade on the Zimbabwe Stock Exchange. IH Securities is a licensed member of the Zimbabwe Stock Exchange. IH Securities has assembled a well-regarded Equity Research team. The scope and quality of our Equity Research gives us a deep understanding of our clients businesses and the markets in which they operate, enabling us to provide the best possible advice. Our Research team provides clients with timely, accurate and unbiased views.

Bindura Nickel Corporation
Initiating Coverage of BNC: The Value in Integration
Only integrated nickel operation in Africa

Bindura Nickel Corporation (BNC), established in 1966 by the Anglo America Corporation Group in Zimbabwe, has been listed on the Zimbabwe Stock Exchange since 1971. 75.4% of the company is owned by AIM-listed Mwana Africa whose other major asset is the Freda Rebecca Gold mine in Zimbabwe. BNC owns two mining assets: Trojan Nickel Mine and Shangani Mine, which have hoisting and treatment capacity of 1.0Mt and 1.1Mt a year respectively. Shangani mine is currently under care and maintenance, while the company owns a pre-development project Hunters Road (open cast potential) with an indicated resources of 200k tonnes of nickel with a cut-off grade of 0.45%. Total resource base of Trojan Mine and Shangani Mine is estimated at 117,900mt tonnes and 68,710mt tonnes of Ni respectively at respective 1.44% and 0.56% Ni to ore content. The life of Trojan Mine is estimated to be 10 years. BNC in addition owns the Bindura Smelter and Refinery complex; the latter is currently under care and maintenance whilst the smelter is being re-opened to produce high quality nickel cathodes, copper sulphide and cobalt hydroxide. Alongside material from the Trojan and Shangani mines, the plant has toll treated nickel concentrates and nickel matte from third parties to utilise spare capacity. Current smelter capacity is 17,000tpa (expected to rise to 160,000tpa following smelter restart) and for the refinery, 14,500tpa.

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