South African business magnate Mzi Khumalo's mining empire in Zimbabwe is on the brink of collapse and the 64-year-old is said to be looking for a way out.
A debt schedule seen by the Sunday Times this week shows Metallon Corp, which Khumalo founded and chairs, is indebted to the tune of $200m. The company also faces a court case in which it is alleged to have unlawfully sent more than $30m to the UK, claiming it was for the payment of dividends and management fees.
The Associated Mine Workers Union of Zimbabwe says about 1,400 workers at the mines are owed $40m in salaries, benefits and unremitted pensions.
A spokesperson for Metallon said that once the situation in Zimbabwe changed the company would be keen to "re-establish gold mining operations and continue to repay creditors". Three of Metallon's four gold mines are currently in mothballs.
Read the full story in the Sunday Times.
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