Zimbabwe: Mines Reel Under $31m Debt

London Stock Exchange-listed ASA Resources Plc's key Zimbabwe units - Bindura Nickel Corporation Limited and Freda Rebecca Gold Mine Limited -- have applied to the High Court to have the businesses placed under provisional judicial management, citing a serious financial crisis that has seen its debts ballooning to over US$31,3 million.

The top gold mine also attributed its current operational crisis to mismanagement by Chinese investor and shareholder in ASA Resource Group (formerly known as ASA Mwana Africa Plc), China International Mining Group Corporation, whose directors have since been issued with warrants of arrest following the alleged externalisation of funds.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.