In the year ending
Newly appointed managing director Thomas Makore told journalists after the company's annual general meeting that Hwange, which is struggling with legacy and current debt, was currently mining on average 150,000 tonnes a month.
"The equipment is coming from
Makore said the firm had turned to development financial institutions such as
"The acquisitions are being made through a vendor financing agreement," he said.
In the last two years, Hwange has repaid around
The miner owes workers
He added that as part of
"That way, we can better manage the company as we can be able to monitor and track the costs and performance," he said. "We are mapping a clear road forward that should allow us to become sustainable."
Hwange, which employs 3,200 people, had earlier announced plans to retrench over a third of its workforce to rationalise the workforce, but the government, which is the major shareholder, blocked the move.
Meanwhile, Makore said Mota Engil, the Portuguese company contracted to mine coal on behalf of Hwange, had not yet commenced operations which impacted on the company's 2014 first quarter performance.
"We had planned that a contract miner augments our production but there are delays in terms of that," he said, without giving the reasons for the deferral.
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