Hwange Seeks Shareholder Funds for Debt Fix as Coal Declines
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Hwange Colliery Co. plans to ask shareholders for more money as Zimbabwe’s second-biggest coal producer seeks to restructure $70 million in debt and struggles to pay employees because of a drop in prices.
The debts arose when the southern African country abandoned the Zimbabwe dollar in 2009 in favor of other currencies, including the dollar and South African rand, to help contain hyperinflation, Managing Director Thomas Makore said in a Nov. 9 interview in Hwange, 485 kilometers (302 miles) southwest of the capital, Harare.