aurora
Business Writer
Thomas Lusiyano has with immediate effect replaced Batirai Manhando as managing director of listed nickel producer, Bindura Nickel Corporation (BNC).
Manhando stepped down to “pursue personal interests.”
Batirai has been with BNC in various capacities for close to 30 years, the last seven of which he served as the managing director.
“During his stint, he actively participated in overseeing the recovery and growth of the company and played a pivotal leadership role through various transitions including Care and Maintenance (2008 to 2012) as well as the Rights Offer and Private Placement process, which was concluded in September 2012,” said chairman Muchadeyi Masunda.
“The company has been stable and profitable since then. We thank Mr Manhando most sincerely
for his immense contribution during his tenure as managing director.”
Lusiyano, an internal pick, is a qualified mining engineer who has vast experience at senior level in different private and public sector companies where he served as mine manager, general manager, managing director and chief executive officer respectively.
The nickel producer said Manhando will stay on until the end of November 2020 in order to facilitate a smooth hand-over/take-over process and to assist Lusiyano as he settles into his new position.
“In addition, Mr Manhando has kindly assured us that he will be available for a few more months
thereafter to deal with any pertinent matters that may arise during this transition,” said the chairman.
The management change could also provide the drive for a boost in fortunes.
For the year to March 2020, gross profit increased by seven percent from US$13,7 million in the comparative period last year to US$14,7 million.
The nickel miner said this, to a large extent, is a reflection of the corresponding decrease in the cost of sales.
“However, operating profit decreased by 86 percent to US$2,8 million, compared to the prior year’s achievement of US$20,2 million.
“This profit erosion was mainly attributable to reduction in the net foreign exchange gains recognised on the introduction of the Zimbabwean dollar in the prior year amounting to US$17 million, versus US$0,5 million realised in the year under review.
“However, profit and total comprehensive income of US$0,9 million, was higher than prior year restated amount,” said BNC in its statement for the period.
During the period under review, the firm’s balance sheet reflects that total equity increased by 10 percent year-on-year.
Non-current liabilities of US$30 million decreased by four percent, mainly due to a decrease in the long-term portion of interest bearing loans.
Current liabilities decreased by 31 percent from US$20,5 million to US$14,2 million, mainly due to a decrease in the short-term portion of interest bearing loans and related party payables as a result of a write-off.
Current assets decreased by 18 percent, mainly driven by a decrease in trade and other receivables.
Bongani Ndlovu