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HWANGE COLLIERY COMPANY LIMITED - Abridged audited financial results for the year ended 31 December 2019

Release Date: 04/05/2020 08:00
Code(s): HWA     PDF:  
Wrap Text
Abridged audited financial results for the year ended 31 December 2019

(Incorporated in Zimbabwe under registration number 381/1954)
ZSE Share Code: HCCL.ZW ISIN: ZW0009011934
JSE Share Code: HWA ISIN: ZW0009011934
LSE Share Code: HWA ISIN: ZW0009011934

Abridged audited financial results for the year ended 31 December 2019

Introduction to the Company

The Company’s principal activities are exploration, mining, processing of coal and the production of
coke and related by-products in the north western part of Zimbabwe, Hwange District in the
Matabeleland North Province.

The Company was placed under administration by a Reconstruction Order made by the Minister of
Justice, Legal and Parliamentary Affairs (“the Minister”) in terms of the Reconstruction of State-
Indebted Companies Act (Chapter 24:27) on or about 26 October 2018. The reasons for this include:

a) Gross losses;
b) Persistent losses over a long period;
c) Negative cash flow;
d) Obsolete and antiquated plant and equipment;
e) Technical insolvency with liabilities significantly exceeding assets;
f) Non payment of creditors as they fell due; and
g) Non payment of employees over a long period of time.

Owing to the above mining had stopped in August 2018.

Full Announcement

This short-form announcement is the responsibility of the Administrators of the Company and is a
summary of the information in the full announcement which is available for viewing on the following

JSE website:

Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, copies of which are also available for inspection at our offices ( and
our sponsor’s offices ( on work-days during business hours, at no charge:

On behalf of the Administration Board

4 May 2020

Sponsor: Sasfin Capital (a member of the Sasfin Group)

Date: 04-05-2020 08:00:00
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