Munali Nickel restart looks bright as equity partner foun

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Message Sam 26 Nov 2011 11:30

Munali Nickel restart looks bright as equity partner foun

Munali Nickel restart looks bright as new equity partner found
Saturday, 26 Nov 2011

It is reported that prospects for Zambia's sole nickel miner resuming production by mid January 2012 look bright following government's pronouncements that an equity partner has been found.

President Mr Michael Sata, speaking on the back of announcements by mine owners Albidon of their intentions to resume production at the mine by mid January 2012, said that he has found investors to take over operations of Mazabuka's Munali Nickel Mine.

The resumption of the mine which affected employment for more than 2,000 workers following lower nickel prices and poor cash flow by the company was recently put under care and maintenance for the second time.

According to government, the decision for government’s intervention was intended to save a number of jobs that are at risk of being lost at the mine. Addressing a campaign rally in Mazabuka, the location of the mine, lying more than 60 kilometers south of Lusaka Sata said he was optimistic that the mine would resume production soon and ensure it was sustainable.

The pronouncement by the government comes at the height of the company facing liquidity and operation al problems that have affected the mine since inception in 2008. The problems were however heightened in June when it started experiencing earth tremors which resulted in production being halted on a number of occasions and subsequent closures.

At the peak of the global financial crisis in 2009 the mine was put under care and maintenance and only resumed production in March 2010. But just a few days ago the mine stopped production due to insolvency.

Earlier mine management told mine workers of Zambia officials that visited the plant that plans were underway to resume operations by mid January after the company was placed on care and maintenance arising from falling metal prices and lack of cash flow.

The sole nickel miner, 51% owned by China’s Jinchuan mining Group and Albidon of Limited and listed on the Australia stock exchange said it had plans to revive operations by mid January 2012 after making some management decisions.

According to sources close to the mines and Mine workers Union of Zambia, a there have been indications by management that the current problems affecting the mine might be resolved before or around mid January to enable operations to resume.

The sources said that "The management at the mine has made headways in sources for funds to resume operations and this was chiefly on account of lack of cash flow to sustain the mine and the falling nickel prices on the international market."

Mine workers Union General Secretary Mr Nkole Chishimba said the mine was optimistic of resuming operations by early next year. The more than 2,000 workers at the mine are still on management payroll awaiting decisions from the owners on the sustainability of the mine.

It is however, hot clear whether Albidon and Jinchuan Mining Group have parted ways as the latter was instrumental in recapitalizing the mines last year when it acquired 51% equity and ploughed in USD 37 million.

Mr Chishimba appealed to the government, as a shareholder, to play a proactive role in order to prevent such instances and guarantee the future of the mine. There was no immediate comment from mines minister Wilbur Simuusa who earlier on summoned senior management at the mine to decide the destiny of the mine following its closure for want of resources Munali mine, which was primed to produce 900,000 tonnes early last year and later increase to 1.2 million tones of nickel, which after the financial crisis dropped its forecast to less than 56,000 tonnes per annum after a spate of problems, is Zambia's only nickel producer.
Ce que l'on conçoit bien, s'énonce clairement, Et les mots pour le dire arrivent aisément. BOILEAU
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Message Jeu 22 Déc 2011 22:14

Albidon seeks Zambia nickel mine partner

Albidon seeks Zambia nickel mine partner by: Dow Jones Newswires
December 23, 2011 12:00AM
METALS: Australian-based Albidon has started talks with a potential partner for its Munali nickel mine in Zambia as it continues efforts to resume production at its troubled facility.
Albidon has granted the unnamed potential partner exclusive due diligence at Munali, according to company secretary Noel McAuliffe.

"Details of the discussions and the identity of the third party are subject to normal confidentiality at this time," he said.

Albidon closed Munali in November citing cashflow problems caused by lower global nickel prices as well as operational disruptions at Zambia's sole nickel miner.

Munali has suffered a spate of operational disruptions since early this year, ranging from miners' strikes to accidents, leading to several stoppages.

To minimise losses, the company halted output pending a restricted program and an investment partner to recapitalise the mine.

...China's state-owned Jinchuan Group International Resources, which owns 51 per cent of Albidon, is embroiled in a spat with minority shareholders over control, adding to the mine's troubles.

Jinchuan's shareholding will be reduced once Albidon reaches a deal with an investment partner, company officials say.

Munali has annual production capacity of at least 60,000 tonnes of nickel concentrate.
« L'aventure n'existe pas. Elle est dans l'esprit de celui qui la poursuit, et dès qu'il peut la toucher du doigt, elle s'évanouit pour renaître bien plus loin, sous une autre forme, aux limites de l'imagination. »
( Pierre Mac Orlan )

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