Hwange Colliery says it is banking on the approval of its scheme of arrangement with its creditors to turnaround the struggling company.
Zimbabwe’s Finance Minister Patrick Chinamasa says the World Bank and African Development Bank (AfDB) have approved the country’s debt refinancing plan, clearing a major hurdle as it bids to pay off $1.7 billion arrears owed to the two lenders.
Construction of the dualised Harare-Beitbridge-Chirundu highway is expected to start next month, with the project expected to be complete in three years.
Zimbabwe is in the process of amending the indigenisation policy, which will see all mining companies compelled to spend 75 percent of their gross revenue locally, Mines Minister, Walter Chidakwa said today.
Britain was quite aware of the Gukurahundi massacres committed by Zimbabwe’s Five Brigade in the 1980s but it turned a blind eye because Zimbabwe was important for both British and Western economic and strategic interests in Southern Africa, a new report just released says.
Turnall Holding yesterday said it is engaged in discussions to restructure the company’s balance sheet which showed its debt at 250 percent above its networth.