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The colliery company has been engaged in talks with an Indian company for the past two years and no deal has been clinched yet, although HCCL management remains hopeful.
The mining company refused to disclose the name of the prospective investor.
Responding to questions sent via e-mail, Mr Moyo said they were still in discussion with a potential Indian investor.
Mr Moyo said in the past 18 months, HCCL had been operating on a self-funded second phase of the rebuilding programme of its coke oven battery to the tune of $15 million.
“The colliery company is still in discussion with a potential Indian investor who has the ability to capacitate us while we service them with coal products.
“The company has not been getting the much needed capital funding and has been retooling through working capital, however at a slower pace. A minimum of $100 million is needed for recapitalisation,” said Mr Moyo.
Absence of comprehensive exploration data has also been blamed for the failure of mining companies in the country to expand operations.
HCCL is also seeking partners to set up an exploration company to identify new coal reserves.
Mr Moyo said despite challenges, HCCL has been adequately supplying local industries with coal.
“Local industries are adequately supplied and this also includes Hwange Power Station while we are also focusing on adding impetus on small thermals, the Bulawayo Power Station, Munyati Zesa Power Station and Harare Power Station,” Mr Moyo said.
“The coke oven battery is now in the second phase of a major and comprehensive rebuild programme with more than $15 million having been spent through self-funding during the past 18 months.”
HCCL is the major coal producer in the country ahead of other entities like Makomo Resources and Liberation Mine, all in Matabeleland North.
The coal miner exports about 7 000 tonnes a month to regional markets and stands to earn about $3 million per month from exports to India.
Last year, HCCL started shipments to India on a trial run as it sought to establish Asian markets via Maputo in Mozambique.
Apart from India, Hwange is also targeting further coal and coking coal sales to Botswana, the Democratic Republic of Congo, Mozambique and Tanzania.
Early this year, the Minister of Mines and Mining Development Dr Obert Mpofu said monthly coal production in the country had increased and could hit one million tonnes this year.
Online Reporter