[miningmx.com] – ZIMBABWE’s largest coal producer, Hwange Colliery, would ask shareholders to help it restructure $70m in debt and pay employees amid a decline in the coal price, said Bloomberg News.
“We have discussed with our major shareholders how to liquidate this debt, so we have agreed that we do a rights issue,’ Thomas Makore, MD of Hwange Colliery told the newswire service.
Formal consultation with shareholders has started and Hwange was seeking approvals for a circular from the Zimbabwe Stock Exchange, where the stock trades, Makore told Bloomberg News.
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