New Zimbabwe.com

Coal Brick property attached over $280k debt

PRODUCTION at the main mine owned by Coal Brick in Hwange has stopped after its machinery was attached by the Messenger of Court to recover over a $280,000 debt.
KW Blasting, one of the major contractors at the mine, approached the courts in Hwange after the company failed to pay the money, resulting in the attachment of property.
Some of the properties that were attached include a dump truck, two front end loaders and two-30 tonne trucks among others.
The company is also reportedly owing its workers huge amounts in salaries arrears and it is understood that it has also failed to pay transport contractors since 2013.
Although Coal Brick executive chairman Cephas Mandlenkosi Msipa could not be reached as his phone was unreachable, workers confirmed that they have stopped working.
“What is worse is that some of the equipment attached by the messenger of court belongs to another company, CML which was contracted to mine here so there is no production. At our other mine there is production because the equipment that side was not attached but it’s very little,” an employee told The Source.
“We have also not been paid; the last time was in December when we got 30 percent of our salaries.”
Coal Brick started operations in 2010, producing 500,000 tonnes of coal in its first year. The firm is owned by a consortium of investors–Redmagic Holdings, Pan African Energy, Liketh Union, Liketh Finance, Vulner Investments and Blackhealth Investments – all with a combined net asset value of $3,5 billion.Advertisement