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Struggling mining company seeks to sell town

Publish date: 14 May 2018
Issue Number: 773
Diary: IBA Legalbrief Africa
Category: Zimbabwe

A struggling local mining company has come up with a novel way to pay for its increasing debt and the salaries of employees dating back five years. A report on the allAfrica site notes that Hwange Colliery Company Limited (HCCL) is considering selling the town of Hwange for $300m, Parliament has heard. The company's board revealed the plan at a parliamentary portfolio committee meeting last week. ‘We are bedevilled with a lot of challenges in terms of maintaining the town’s infrastructure, water infrastructure and roads,’ said board member Ntombizodwa Masuku, adding that ‘we have tried to reason with other players to no avail’.

Full article on the allAfrica site