adminMunyaradzi Musiiwa Midlands Bureau
The reincarnation of Kwekwe-based chrome smelting company Zimbabwe Mining and Smelting Company (ZIMASCO) has seen more than 700 jobs being created since the company was placed under judicial management.
Zimasco judicial manager Mr Reggie Saruchera of Grant Thornton International, said the giant ferro-chrome producer now had a staff complement of 700.
“We are glad that Zimasco has recovered and as a result of its resuscitation the company now employs 700 people,” he said. “This is commendable. The company will be weaned next month because we feel that it has fully recovered.
“We are happy to announce that we have managed to turn around Zimasco during the first 16 months of judicial management. Zimasco has made a turnover of more than $158 million and a profit of more than $45 million.”Mr Saruchera said the company would be independent by end of next month after a smooth handover-takeover process. Since the beginning of the year, Zimasco has contributed over $103 million to the country’s total chrome proceeds.
The company recently engaged creditors who approved a scheme of arrangement where they would stagger the payment of the arrears after making $45 million profit. Zimasco owed a total of $144 936 691 to creditors, including $21 780 307 to Sinosteel Singapore (in liquidation), $11 350 142 to Sinosteel International and $3 309 850 to the National Social Security Authority, pension funds and NEC. It owes financial institutions $34 738 364, $7 295 513 for retrenchment packages, $2 787 316 towards salaries and wages arrears (three months), among other creditors. Zimasco is an integrated ferro-chrome producer with chromite mining locations in Shurugwi, Guinea Fowl, Lalapanzi, Mutorashanga and operations along the Great Dyke. It has been in the doldrums for the past decade, but is now realising a turn of fortunes.
Online Reporter