Bindura Nickel, Zimbabwe’s largest nickel miner is planning to list on the U.S. dollar-denominated stock exchange in Victoria Falls to lure foreign interest in the company.
The Herald newspaper reports that the miner has asked shareholders to approve its plans to delist from the Zimbabwe Stock Exchange and list on the Victoria Falls Stock Exchange (VFEX).
Shareholders will vote on the resolution at an extraordinary general meeting on December 13.
The company’s board has already approved the move.
“VFEX avails the company an exchange control regime designed to attract international investors with the ease which they can deal in shares listed thereon as well as repatriate both their capital and earnings in US dollars,” it was quoted as saying.
“After migrating to the VFEX, BNC will have a potential source of capital that matches its needs better than what is available through ZSE listing.”
VFEX, which opened in October 2020, has attracted two listings.
Caledonia Mining, Zimbabwe’s second-largest gold producer by volume, is reportedly planning to list on the bourse.
Bindura Nickel produced about 5 300 t of nickel concentrate in the year through March.
Mathew Nyaungwa, Editor in Chief of the African Bureau in Luanda, Angola, Rough&Polished
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