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Zimbabwe’s Hwange coal mine to cut 1 500 jobs, Minister says

1st July 2016

By: Bloomberg

  

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Hwange Colliery, a partly State-owned Zimbabwe coal miner, plans to cut 1 500 jobs this year to make it more viable and has put measures in place to protect it from lawsuits, Deputy Mines Minister Fred Moyo said.

“Hwange’s labour force is 3 000 and about 1 500 are going to be laid off to make the company remain viable,” Moyo told lawmakers in the capital, Harare. The country has a 37% stake in the company. “Government has put in place a scheme of arrangement authorised by the High Court which will protect the company against litigation.”

Hwange operates a mine in north-west Zimbabwe and is the country’s largest coal miner after Makomo Resources and a supplier of the fuel to State-owned power utility Zesa Holdings. British businessperson Nicholas van Hoogstraten holds 20% of Hwange through Messina Investments.

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Edited by Bloomberg

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