Hwange loses property over China loan

via Hwange loses property over China loan – NewZimbabwe 14/01/2016

BULAWAYO: Mining equipment worth thousands of dollars belonging to the struggling coal miner Hwange Colliery Company (HCC) is set to go under the hammer on Tuesday next week over unpaid debts to a Chinese company.

Last month, some of the miner’s equipment was sold off to settle long standing debts.

In a notice on Thursday, Hwange District Deputy Sheriff said it would be selling the company’s movable assets at a public auction to be held at Dick Village St Marys in Hwange on Tuesday.

Mining equipment to be auctioned in a case pitying HCC with Zimbabwe Zhongxin Company Pvt Ltd, include two one-tonne forklifts, two 20-tonne Tipper trucks, excavators, two lonking front end loaders, a Granvia minibus, six 1-tonner 3-wheeled dumpers, six 1-tonner 4-wheeled dumpers, two Penco compressors, Kipor ultra silent diesel generator, three cast iron valves, 10 aluminium valves, five small pumps with motors, five big pumps, electric winch machine and cock stock pie.

Hwange is facing litigation for claims amounting to $20,6 million while cases worth $20,1 million have been awarded against it.

COMMENTS

WORDPRESS: 3
  • comment-avatar
    Delta Bravo 5 years ago

    ……… And just around the corner the Chinese have a huge coking plant on a farm that doesn’t belong to them……..

  • comment-avatar
    Mpisi 5 years ago

    A lot of sales in execution of transport and earth moving equipment. What is going on. Someone needs to look behind this.

  • comment-avatar
    njalo 5 years ago

    Another fully indigenised organisation plundered into bankruptcy.
    Does the minister with dreadlocks have a solution?
    Maybe his uncle should task him to sort out the NRZ first and then HCC………within twelve months.
    I bet you the result would be further failure.