HARARE – Tongaat Hulett (Tongaat) is pinning hopes on Zimbabwe’s economic recovery to boost its operations in the impoverished southern African country. The group’s chief executive Peter Staude said improved economic activities in the country will result in increased sugar consumption. “Growth is expected in consumption per capita, off a low base, particularly in Mozambique…
HARARE – Chinese hydropower engineering and construction company, Sino Hydro, has pledged to help Zimbabwe’s cash-strapped government to secure funding for its Hwange Thermal Power Expansion Project. The company’s vice president Wang Jian said Sino Hydro, as push for financial closure, will invest $176 million as the project’s equity to reduce capital shortage pressure on…
HARARE – The number of registered tobacco farmers for the 2016/17 season has increased by 10 910 to 81 172, as more growers are being lured by good fortunes from the golden leaf, official data shows. Figures released by the Tobacco Industry and Marketing Board (TIMB) indicated that communal farmers presently stand at 38 529…
HARARE – Industry minister Mike Bimha says government is in the process of reviewing items on Zimbabwe’s import restrictions list with the view of adding or removing some, as the country moves to monitor import influx. Bimha, who last year imposed restrictions for locally available imports under Statutory Instrument 64 of 2016 (SI64), said the…
HARARE – Zimbabwe is planning to introduce a new mining tax this year aimed at boosting the country’s depleting revenue streams, businessdaily has established. Finance minister Patrick Chinamasa said the country has engaged an unnamed tariff consultancy firm from Norway to come up with the new tax regime. “Mining is one of the most opaque…
HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) last year raised about $22 million from infrastructure bonds floated to the investing public to fund various projects under preparation, the bank said. Data released by the State- owned institution — whose mandate is infrastructure development — to local media indicated that insurance companies and pension…
HARARE – Zimbabwe government is going ahead with plans to compulsorily acquire 28 000 hectares of mining land in Kadoma held by the country’s biggest platinum miner, Zimplats. Through the second publication of a notice to the effect, President Robert Mugabe — ignoring various warnings from market experts that the move will put investment-starved Zimbabwe…
HARARE – Zimbabwe’s largest financial services group by assets, CBZ Holdings (CBZ), has, with effect from January 15, suspended the use of the Visa card on the local market. In a statement released to depositors yesterday, the financial institution also announced new limits for international transactions, pointing out that the Visa card would continue to…
HARARE – Treasury is moving to introduce an electronic duty-free certificate to curb abuse of the paper following indications that government blew $258,5 million on imports in 2015 facilitated through the State-issued documents. Finance minister Patrick Chinamasa said following rampant abuse of the State-issued paper, government was tightening screws on the issuing process. “…There are,…
HARARE – Zimbabwe’s platinum miners are set to invest over $50 million on expansion projects in a development anticipated to increase the metal’s annual output, the Chamber of Mines Zimbabwe (CoMZ) said. The miners’ body said the three companies currently operating platinum mines in Zimbabwe — Anglo American Platinum (Amplats), Impala Platinum (Implats) and Aquarius…
