Published: 11 February 2014

Hwange Colliery Company Ltd has secured $11 million from the Export-Import Bank of India for the acquisition of plant and machinery, sources familiar with the transaction said on Friday.

The loan facility will bring to about $36 million the money Hwange has spent on recapitalisation over the past 3 years.

According to the source, the money would largely be utilised on the acquisition of shovels for open cast and drilling rigs for the mining operations.

In the past, Hwange has secured different lines of credit including the $7 million from Zimbabwe Power Company, $13 million from Sany of China and $5 million from Norinco.
- herald

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