Zimbabwe’s State Miner Risks Asset Seizure Over $93M Debt

Zimbabwe Mining Development Corporation (ZMDC) faces potential asset seizure after failing to settle a $93 million debt stemming from a cancelled joint venture with Amaplat Mauritius Ltd. An international arbitration ruling favored Amaplat, and subsequent enforcement was granted by Zambia’s High Court. ZMDC’s chairman has appealed to the Mines Ministry for state intervention, noting that many of the corporation’s assets have been transferred to Defold Mine Ltd., limiting ZMDC’s capacity to pay. The debt is part of Zimbabwe’s broader financial challenges, with over $21 billion owed and limited access to international capital markets due to previous defaults. 

Bloomberg