Zimbabwe’s Hwange coal mine to cut 1,500 Jobs, minister says

Hwange Colliery Ltd., a partly state-owned Zimbabwean coal miner, plans to cut 1,500 jobs this year to make it more viable and has put measures in place to protect it from lawsuits, Deputy Mines Minister Fred Moyo said.

“Hwange’s labor force is 3,000 and about 1,500 are going to be laid off to make the company remain viable,” Moyo told lawmakers leaders in the capital, Harare. The country has a 37 percent stake in the company. “Government has put in place a scheme arrangement authorized by the High Court which will protect the company against litigation.”

Hwange operates a mine in northwest Zimbabwe and is the country’s largest coal miner after Makomo Resources (Pvt) Ltd. and a supplier of the fuel to state-owned power utility Zesa Holdings (Pvt) Ltd. British businessman Nicholas van Hoogstraten holds 20 percent of Hwange through Messina Investments Ltd.

~ Bloomberg