Bindura Nickel Corporation (BNC) is set to engage creditors in a bid to map the way forward in easing hefty debt on its shoulders.

The Victoria Falls Stock Exchange (VFEX) last year suspended trading in miner BNC shares after a reconstruction order was issued against its subsidiary, Trojan Nickel Mine Limited (TNML).

Justice, Legal and Parliamentary Affairs minister Ziyambi Ziyambi issued the reconstruction order in terms of section 4 of the Reconstruction of State-Indebted Insolvent Companies Act last week.

The order is issued if a state-indebted company cannot repay a credit made from public funds on time due to fraud, mismanagement, or other factors, or if the state is liable to make payments under a guarantee issued to the company.

BNC incurred an operating loss before tax of US$24.2 million for the year ended March 31, 2023. As of March 31, 2023, the company's current liabilities exceeded its current assets by US$13.3 million.

Following the Reconstruction Order, BNC is scheduled to meet its creditors and map the way forward on easing debt.

"Notice is hereby given to creditors and members of Trojan Nickel Mine Limited ("TNML") and BNC together that the first statutory meetings of creditors and members of the Companies pursuant to Section 21 of the Reconstruction of State-Indebted Insolvent Companies Act [Chapter 24:27] "the Reconstruction Act"), shall be held on 23 April 2025 at Chapman Golf Club, Number 1, Henry Chapman Road, Eastlea, Harare, Zimbabwe," the company said.