Miner pays sh1.2b loan, gets new
Oct 27, 2007
AFTER struggling to pay a sh1.2b loan from dfcu Bank, Krone Uganda has acquired new equipment from Zimbabwe.The company’s operations were almost put on hold due to the loan.
By Emmy Olaki
AFTER struggling to pay a sh1.2b loan from dfcu Bank, Krone Uganda has acquired new equipment from Zimbabwe.The company’s operations were almost put on hold due to the loan.
Krone is involved in the extraction of tungsten/ wolfram in Nyamuliro, Kabale. The mineral, considered one of the purest in the world, is exported mainly to European countries and China.
“We took advantage of the economic situation in Zimbabwe and acquired modern machinery, which we shall use to modernise our mines in Nyamuliro,†Isingoma Kakiiza, the managing director, said.
“Our production has been hampered by lack of equipment. But we are now beefing up our operations and gearing up for serious work at the beginning of the year,†he explained.
For long, the company could not transfer equipment to its mine because of a long stretch of a river which required construction of a bridge. The Government assisted by constructing a bridge, which unfortunately got submerged into the river.
“This frustrated movement to and from the mine,†Kakiiza explained.
“But we are now abandoning the deep end of the river and constructing an alternative road to the mine. The locals are happy and are warming up to help out. Honourable Byabagambe has also promised assistance, but because of time and contractual constraints, we are starting on our own,†he said.
AFTER struggling to pay a sh1.2b loan from dfcu Bank, Krone Uganda has acquired new equipment from Zimbabwe.The company’s operations were almost put on hold due to the loan.
Krone is involved in the extraction of tungsten/ wolfram in Nyamuliro, Kabale. The mineral, considered one of the purest in the world, is exported mainly to European countries and China.
“We took advantage of the economic situation in Zimbabwe and acquired modern machinery, which we shall use to modernise our mines in Nyamuliro,†Isingoma Kakiiza, the managing director, said.
“Our production has been hampered by lack of equipment. But we are now beefing up our operations and gearing up for serious work at the beginning of the year,†he explained.
For long, the company could not transfer equipment to its mine because of a long stretch of a river which required construction of a bridge. The Government assisted by constructing a bridge, which unfortunately got submerged into the river.
“This frustrated movement to and from the mine,†Kakiiza explained.
“But we are now abandoning the deep end of the river and constructing an alternative road to the mine. The locals are happy and are warming up to help out. Honourable Byabagambe has also promised assistance, but because of time and contractual constraints, we are starting on our own,†he said.