Mutamangira quits Hwange Colliery
HARARE – Pominent lawyer Farai Mutamangira has stepped down as Hwange Colliery Company Limited (HCCL) board chairman to pursue other pressing commitments, the company has announced.
Although Mines minister Walter Chidakwa could not be reached for comment yesterday as his mobile went unanswered, Hwange released a statement yesterday saying the minister had accepted the resignation.
“Hwange Colliery Company Limited, wishes to advise the voluntary stepping down if its chairman, Mr Farai Mutamangira, after securing an agreement to that effect with the line minister Honourable Chidakwa.
“Mr Mutamangira who had long signalled his intention to step down having successfully spearheaded the raising of more than $70 million capital for HCCL has accepted to be engaged elsewhere, the details of which will be advised in due course.”
Mutamangira, who had for long signalled his intention to step down, confirmed to the Daily News yesterday that he might be engaged with something more challenging engagement soon.
“I am very happy to be leaving Hwange having accomplished more than enough in turning around the fortunes of the company.
“Apart from raising more than $70 million in capital in the last 36 months, my board secured additional coal concessions, divisionalised the company, engaged Mota Engil, stopped the hemorrhage and burdensome cost and contractor structures, converted the $80 million Zimra debt to government equity”
Recently, the Zimbabwe Stock Exchange-listed company commissioned mining equipment worth $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.
Overally, the mine expects to increase output to 450 000 tonnes year end, including production contribution from Mota-Engil, a Portuguese company contracted by Hwange.
Mutamangira was also instrumental in getting the London and Johannesburg Stock Exchange-listed miner new coal concessions in Hwange’s Western Areas, Lubimbi East and Lubimbi West.
The new coal concessions will increase the life of Zimbabwe’s largest coal miner by at least 50 years and is likely to see the company returning to profitability in the near future. Daily News
