Hwange Colliery chairman steps down


Farai Mutamangira

PROMINENT  lawyer Farai Mutamangira has voluntarily stepped down as Hwange Colliery Company board chairman amid speculation he is tipped to chair the Zimbabwe Consolidated Diamond Company.

Mines and Mining Development Minister Walter Chidhakwa accepted the resignation which comes after Mutamangira spearheaded the raising of more than $70 million capital for HCCL.

Mutamangira had long signalled his intention to step down. He has accepted to be engaged elsewhere according to a statement.

In his departure remarks Mutamangira said: “I am very happy to be leaving Hwange as I feel I had accomplished more than enough in steering the company towards a turnaround.”

Apart from raising more than US$70 million in capital, Mutamangira’s board secured additional coal concessions, divisionalised the company, engaged Mota Engil and stopped the haemorrhage and burdensome cost and contractor structures.

Recently, the company commissioned mining equipment worth US$32 million acquired from India and Belarus.  The equipment was financed through facilities provided by PTA Bank and Eximbank of India. The JKL open cast mine, where the equipment was deployed is expected to produce 250 000 tonnes per month from 100 000 tonnes.

Overall, the mine expects to increase output to 450 000 tonnes year end, including production contribution from Mota-Engil, a Portuguese company contracted by Hwange. -FinX