Zimbabwe government buys Boeing planes, leases them to new airline
Zimbabwe has bought two Boeing 777 aircraft and an Embraer plane from Malaysia, the finance minister said on Wednesday, adding the planes would be leased to a new local airline until national carrier Air Zimbabwe returned to profitability.
Patrick Chinamasa said Harare had agreed with an unidentified Malaysian firm to buy four Boeing 777 planes for $70 million but had so far paid for two.
The government had also paid for a small Embraer plane and plans to add five more such aircraft.
The new planes are owned by a state-owned special purpose vehicle called Zimbabwe Aviation Leasing Company.
During a ceremony to receive the first Boeing 777 in Harare, Chinamasa said the aircraft would be used by Zimbabwe Airways, a new carrier whose ownership was not immediately disclosed.
Local media reports had linked Zimbabwe Airways and the new planes to former president Robert Mugabe's family, but Chinamasa said that was false.
Chinamasa would also not comment on speculation the government could be the owner of the new airline and would ultimately dissolve the troubled Air Zimbabwe.
He said, however, the government could not continue supporting loss-making Air Zimbabwe because it was like "putting resources into a bottomless pit." Air Zimbabwe has debts of more than $300 million.
"Air Zimbabwe must put their house in order and as long as they don't put their house in order, these planes I can lease to any third party who can pay treasury the lease fees for the utilisations of the aeroplanes," Chinamasa said.
Chinamasa said the Boeing planes had a lifespan of 15 to 20 years.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
