BINDURA Nickel Corporation (BNC) has posted a stark decline in production for the nine months ending December 31, 2023.
Ore mined decreased by 37 percent to 177 179 tonnes, a direct result of the SVR bull gear deterioration according to the company’s statement. This mechanical failure compounded the difficulties faced by BNC with nickel prices continuing their downward trajectory.
“The average LME Nickel price, at US$19 338 per tonne, decreased by 24 percent compared to the previous year’s price of US$25 477 per tonne,” noted BNC in the update, attributing the drop to “the global decrease in the demand for Nickel.”