JSE-listed Hwange Colliery renews its cautionary announcement amid negotiations
JSE-listed Zimbabwean coal miner Hwange on Wednesday renewed a cautionary announcement, advising that it is engaged in negotiations concerning "a material transaction which could impact on the price of the company’s shares". Hwange Colliery, which changed its name from Wankie several years ago, is a majority state-owned Zimbabwean coal miner listed on three stock exchanges — Zimbabwe, Johannesburg, and London. It was Zimbabwe’s only major coal miner until the advent of Makomo Resources, which is now the largest privately owned coal producer in the country. Both companies operate near the town of Hwange, which is also home to Zimbabwe’s major coal-fired power station. For the past two years, Hwange has repeatedly advised shareholders "to exercise caution and consult their professional advisors when dealing in the company’s shares, until a full announcement is made or this cautionary is withdrawn". The company has long been viewed as ripe for an injection of foreign capital, but to da...
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