The Zimbabwean coal miner is still struggling under a mountain of debt as its administrator’s efforts to raise production and sales falter
CRUNCH TIME: Hwange Colliery has been given leave by the High Court of Zimbabwe to meet its creditors and present a plan to repay debt in a structured way. File picture: REUTERS
Historically, the shares have barely traded on the JSE. At the time of suspension in November 2018, shortly after the company was placed in the care of administrators, it was listed at 51c, near the 12-month low of 50c. Hwange had a market capitalisation of R51.7m. In October 2018, the Zimbabwean government granted a reconstruction order for Hwange under regulations pertaining to companies owing the state money and which were insolvent.Hwange’s total assets exceeded its total assets, leaving it with negative equity of $290m and technically insolvent.
During 2018, just 20% of production or 367,000 tons came from Hwange’s own crews operating in an open-cast mine. The intention is to reach 50% from its own staff in the future.
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