Business / Companies
Metallon Gold group CEO resigns
05 Nov 2013 at 11:14hrs | Views
Metallon Gold Zimbabwe group chief executive officer Mr Allan Mashingaidze has resigned barely a year after his two predecessors also resigned.
In a telephone interview, Metallon corporate affairs manager Mr Zenzo Nsimbi confirmed the development but declined to provide further details.
"It's true, but I am attending a conference, therefore I cannot divulge all the details on the phone, call me tomorrow for more details," he said.
Metallon operates five gold mines in Zimbabwe and the mining company has been posting losses lately and this, forced it to revert to open cast mining at Redwing, Shamva and Mazowe mines. This year Metallon Gold Zimbabwe proposed the cutting of salaries by at least 50 percent as a result of volatile gold prices on the international market.
From then the company has not been operating at full capacity thereby forcing most of the senior management personnel to resign.
In a telephone interview, Metallon corporate affairs manager Mr Zenzo Nsimbi confirmed the development but declined to provide further details.
Metallon operates five gold mines in Zimbabwe and the mining company has been posting losses lately and this, forced it to revert to open cast mining at Redwing, Shamva and Mazowe mines. This year Metallon Gold Zimbabwe proposed the cutting of salaries by at least 50 percent as a result of volatile gold prices on the international market.
From then the company has not been operating at full capacity thereby forcing most of the senior management personnel to resign.
Source - herald
