Update: Hotting up
Basic EPS for FY14 was 13% above our expectations, aided by record production of 7,027t Ni in concentrate at Trojan and record throughput at Freda-Rebecca. Nevertheless, the dominating features of the results were the US$28.0m reversal of the previous year’s impairment of Mwana’s interest in BNC and the decision to implement an accelerated restart of the Bindura smelter (see below).
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