Mining empire on the skids
Publish date: 15 April 2019
Issue Number: 819
Diary: IBA Legalbrief Africa
Category: Zimbabwe
SA business magnate Mzi Khumalo's mining empire in Zimbabwe is on the brink of collapse and he is said to be looking for a way out. A debt schedule seen by the Sunday Times shows Metallon Corp, which Khumalo founded and chairs, is owed $200m. The company also faces a court case in which it is alleged to have unlawfully sent more than $30m to the UK, claiming it was for the payment of dividends and management fees. Three of Metallon's four gold mines in the country have been mothballed.
