Published: 11 March 2014

NewZim Steel (formerly Ziscosteel) is set to lose equipment worth millions of dollars at an auction to cover a debt accrued in a coal supply deal with Hwange Colliery Company.

The auction will take place after the High Court ordered the equipment to be attached to clear a debt of more than $1.4 million.

The equipment to be auctioned on Saturday March 29 in Kwekwe includes iron ore wagons, 10 soaking pits which comprise of door carriage and motors on them, an Ingot Buggy with an electric motor that used to carry at least five tonnes of iron ore and three overhead cranes.

It also includes ingoing and outgoing roller tables, a cogging mill with 5 000 horsepower motors and a locomotive which is capable of towing 320 tonnes.

According to a source, potential buyers are viewing the equipment that is in Kwekwe.

Industry and Commerce Minister Mike Bimha said he was not aware of the development.
- herald

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