HWANGE COLLIERY NEEDS $500M TO BOOST OPERATIONS
Written by Panashe Madzinga on May 9, 2018
Hwange Colliery Company Limited (HCCL) requires over $500 million in working capital to commence normal operations.
HCCL chairperson of the technical committee on operations, Mrs Ntombizodwa Masuku, said this yesterday when she appeared before the Parliamentary Portfolio Committee on Mines and Energy.
She says management is set to meet Mr Nicholas van Hoogstraten, one of its major shareholders on Wednesday to discuss possibilities of him injecting fresh working capital into the business.
This comes at a time when the company remains saddled with working capital challenges despite increasing production by more than 100 percent to 232 000 tonnes in the first quarter of this year.
Meanwhile Portfolio Committee chairperson Temba Mliswa told YAFM news that mines where government has majority share ownership should be revived and generate more income for the benefit of the country’s economy.