HARARE – Australia Stock Exchange-listed platinum miner, Zimplats, yesterday said it has finally been paid the $34 million debt it was owed by the central bank. The money was taken from Zimplats’ bank account years back by the Reserve Bank of Zimbabwe (RBZ) and used for quasi-fiscal activities. Zimplats chief finance officer Stewart Mangoma said…
HARARE – Chinese construction firm, Geiger International (Geiger), is set to commence works on the Beitbridge-Harare-Chirundu highway in three months’ time, Transport minister Jorum Gumbo has said. Gumbo, who signed the $984,1 million agreements with Geiger in Harare on Wednesday, said construction of the road was to be undertaken over a three-year period. “Geiger invested…
HARARE – One of Africa’s largest seed producers, Seed Co, yesterday said its half year revenues went up 32 percent to $24,8 million compared to $18,7 million in the same period last year. The group’s chief executive, Morgan Nzwere, attributed the increase to early maize sales and improved vegetable sales. Although Seed Co witnessed solid…
HARARE – South Africa’s civil engineering and construction group, Esor, is seeking business opportunities in Zimbabwe to avert challenging market conditions in Africa’s largest economy that are not expected to abate in the short term. The group’s chief executive, Wessel van Zyl, last week said projects outside South Africa provide a foreign currency hedge, which…
HARARE – The Chinese cigarette industry is helping ease cash crisis in Zimbabwe by snapping up 52,3 million kilogrammes (kg) of tobacco valued at $425,5 million in the eight months to November, latest data show. China, which has the world’s largest population and has more smokers in the world than any other country, has kept…
HARARE – About $9,4 million worth of bond coins are presently circulating in the Zimbabwean financial system, after the country pumped over $6 million worth of the coins since September last year, the Reserve Bank of Zimbabwe (RBZ) said. With circulation of bond notes — backed by a $200 million Afreximbank facility and pegged at…
HARARE – The Reserve Bank of Zimbabwe (RBZ) is pushing ahead with plans to slash prices and salaries as a way of reducing production costs and improve competitiveness. Devaluation aims primarily at influencing the competitiveness of a country in the short-term by mimicking the effects of nominal currency devaluation, and it takes the form of…
HARARE – Chinese investor, Beijing Pinchang, which has promised to inject $100 million to revive Kamativi Tin Mine which has been closed for almost 21 years, is working on the processing technology to extract all seven minerals in the Matabeleland North-based mine. Mines and Mining Development minister Walter Chidakwa told the National Assembly on Wednesday…
HARARE – Government is prepared to set up more gold buying centres to spout into the production of the country’s estimated 1,3 million artisanal miners, the Finance minister told the National Assembly on Wednesday. “It is the policy of Fidelity Printers to place buying points wherever there is gold being mined or panned,” Finance minister…
HARARE – Zimbabwe’s largest sugar producer Hippo Valley (Hippo) has recorded an 18 percent increase in revenues to $82,9 million in the half year to September up from $70,2 million in previous corresponding period in 2015. Hippo chairman Murray Munro yesterday attributed the growth in revenues to increased sales in the period under review. “Total…
