Hope glimmers despite Mowanas P1bn debt pile

Wednesday, May 08, 2019

Management at the closed Mowana Mine tried to borrow its way out of a financial crisis, but instead hastened the operations demise, burying it under liabilities of P965.2 million.

Mowana Mine, a copper producer located near Dukwi, closed doors on December 18 last year, just two years after Leobam Holdings revived it from yet another liquidation dating back to 2015.

This week, a revealing report into the troubled copper mine’s state shows by the time it closed on December 18 last year, Mowana owed the taxman P13 million in unpaid VAT and PAYE obligations.

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Hope glimmers despite Mowanas P1bn debt pile

Management at the closed Mowana Mine tried to borrow its way out of a financial crisis, but instead hastened the operations demise, burying it under liabilities of P965.2 million.

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Inspect the voters' roll!