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REDUNDANT diamond mine Gye-Nyame Resources has had to postpone a scheduled scheme meeting  with creditors after they exceeded the anticipated number.The resources firm — a joint venture between state-owned Zimbabwe Mining Development Corporation (as the majority shareholder), the Zimbabwe Republic Police Trust (20 percent) and Bill Minerals (24 percent) — is saddled with huge debts, with official figures showing that as at September 31, 2013, the company’s assets were estimated to be worth $6,6 million while its liabilities totalled $4,4 million.

But a scheme meeting for creditors that had been set for today has had to be postponed as more creditors than had been expected were now going to attend the event.

Said chairperson of the scheme meeting retired Justice Moses Chinhengo in a statement yesterday:

“(The) scheme meeting, scheduled for the 19th of December 2014 at 09:00 hours, at No 3 Elsworth Road, Belgravia, Harare, pursuant to the notice circulated to creditors dated the 2nd of December, 2014 has been postponed. The reason for the postponement is that the number of creditors anticipated to attend the scheme meeting has exceeded the capacity of the abovementioned venue. As such a larger venue is required.”

The meeting has now been moved to January 12, 2015 at the Meikles Hotel in Harare.

“In preparation for the scheme meeting, creditors are advised to submit their claims with the provisional judicial manager of Gye-Nyame Resources (Pvt) Ltd by the 9th of January 2015,” said retired Justice Chinhengo.

Gye-Nyame Resources which was granted mining concessions in Marange in 2011, was subsequently placed under provisional liquidation on March 26 at the behest of some creditors. It was then placed under final judicial management (judicial manager Winsley Militala) on June 25.

At the last creditors scheme meeting, there were several new claims totalling over $5 million that were presented;  Including Metbank, which is owed $1,9 million; the Zimbabwe Republic Police at $755,000 and workers over $500,000.

The now-postponed December 19 meeting was expected to see the firm’s creditors vote to defer their payment pending re-capitalisation of the mine, after an indicated new capital injection of around $20 million from a potential investor identified as Damo Resources (Private) Limited. — BH24.