Supreme Court dismisses Vubachikwe corporate rescue bid

Duration Gold has praised Zimbabwe's judiciary for what it describes as a fair and principled handling of a long-running legal dispute involving its Vubachikwe Mine, following a decisive ruling by the Supreme Court of Zimbabwe.

Company spokesperson Robert Mukondiwa said the outcome reflects a strong and independent justice system that upholds the rule of law and supports investor confidence.

"The conduct of our courts in this matter demonstrates a judiciary that is not only independent but also deeply committed to fairness, balance and procedural integrity," Mukondiwa said.

The dispute stemmed from an application by Fawcett Security seeking to place the Vubachikwe Mine under corporate rescue over an outstanding debt, a move Duration Gold has consistently opposed. The company maintained that funds to settle the obligation had been made available but were rejected by the claimant.

Mukondiwa described the initial application as irregular, arguing that it escalated unnecessarily despite the availability of payment.

"It was perplexing, and indeed suspicious, that a creditor would decline settlement of an acknowledged obligation and instead embark on a protracted and aggressive pursuit of corporate rescue," he said.

The High Court previously dismissed the matter, citing procedural shortcomings, including failure to properly serve all affected parties. The case was later escalated to the Supreme Court.

In its ruling, the apex court found that the continued pursuit of corporate rescue proceedings amounted to an abuse of court process, effectively bringing the dispute to an end.

Mukondiwa said the judgment removed uncertainty over the mine's operations and paved the way for renewed investment and expansion.

"With legal certainty restored, Duration Gold can now move decisively to invest, recapitalise and enhance production at Vubachikwe Mine without let or hindrance," he said.

He added that the ruling sends a positive signal to investors, reinforcing confidence in Zimbabwe's legal and commercial environment and confirming that the courts remain a safeguard for lawful enterprise.