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NORINCO provides $22 million supplier credit to Hwange Colliery Company to purchase mining equipment
| Funder | China North Industries Group Corporation Limited (NORINCO Group) |
|---|---|
| Recipient Organization | Hwange Colliery Co., Ltd. |
| Country | Zimbabwe |
| Start Date | Nov 14, 2012 |
| End Date | Jul 30, 2031 |
| Duration | 6,832 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 62119 |
Grant Description
NORINCO provides $22 million supplier credit to Hwange Colliery Company to purchase mining equipment On 14 November, 2012, China North Industries Group Corporation Limited (NORINCO) provided a $22 million USD suppliers credit to Hwange Colliery Company for the acquisition of equipment for underground and open cast mines and for a coal preparation plant.
The equipment included caterpillars, bulldozers, excavators, fire tender vehicles and dump trucks.
After commissioning, production is expected to double to 450,000 tpm Under the supply credit arrangement, Hwange Colliery Company intends to acquire equipment worth $40 million for underground and open cast mines and for a coal preparation plant, according to the company’s chairman Farai Mutamangira.
Hwange Colliery Company announced that it would make a down payment of US$6.6 million to Norinco before the end of November 2012 with equipment deliveries expected during the first quarter of 2013.
Sources & References
- Zimbabwe: Hwange Seals U.S $22 Million Deal
- Hwange Colliery Company Limited Annual Report 2008
- Hwange Seals US$22 million deal Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Hwange Colliery Co., Ltd.
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