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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.

Full Sunday Times report (subscription needed)