HARARE – Chinese firm Ja Solar has won a contract to supply 100 megawatts (MW) of photovoltaic modules to one of the first three large-scale ground-mounted solar power facilities in Zimbabwe. The projects will have a combined installed capacity of 300 MW and the three contractors for these projects are ZTE, China MCC17 Group and…
HARARE – Zimbabwe’s government has defended high fuel prices obtaining in the country despite a significant decline in international oil prices by more than 70 percent in the last few months. Energy minister Samuel Undenge last week said the country uses “a unique” pricing model that is different from other countries and does not react…
HARARE – Insurance giant Old Mutual says Zimbabwe must put the economy at the top of the agenda and correct its deficiencies in the corruption index and ease of doing business rankings’ criteria for the country to achieve growth. “The Zimbabwean economy remains a hub of potential growth as the right policies are not being…
HARARE – In his book, The Politics of Africa’s Economic Recovery, renowned author, Richard Sandbrook, makes the undeniable point that political interference in the running of parastatals tends to be extreme in sub-Saharan Africa, of which Zimbabwe is part. In principle, parastatals should operate autonomously to enable them to effectively discharge their mandates. In Zimbabwe…
HARARE – Platinum producer Mimosa says its revenue declined by 32 percent to $99 million in the half year to December 2015 due to lower metal prices. This comes as mining companies have sought to maximise lower-cost output as the commodities downturn has deepened. From $1,221 per ounce a year ago, platinum hit a seven-year…
HARARE – The Zimbabwe Rural Electrification Fund has accrued close to $245 million between 2009 and 2015 from six percent levy, fiscus funding and other income, as government moves to empower rural communities. The Fund, which was established through an Act of Parliament (Chapter 13:20) of 2002, has so far seen more than 8 000…
HARARE – Zimbabwe has produced close to 62 000 metric tonnes of wheat against an annual requirement of 400 000 metric tonnes due to massive power outages and lack of funding, a senior government official has said. This has resulted in the country forking out close to $169 million importing wheat to cover the 338…
KOHAT – A district in north-western Pakistan has banned Valentine’s Day celebrations. The local government in Kohat, in Khyber Pakhtunkhwa, has told police officers to stop shops from selling Valentine’s Day cards and items. Kohat district is run by a religious political party and borders Pakistan’s conservative tribal areas. Valentine’s Day is popular in many…
HARARE – Toronto Stock Exchange-listed miner Caledonia Mining Corporation (Caledonia) says it has entered into a six-month “cap and collar” hedge over 15 000 ounces of production using a “collar” value of $1,050 per ounce and a cap value of $1,080 per ounce. The hedge will provide Caledonia with greater certainty as to its cash…
HARARE – In a dramatic twist to one of the many battles around Capital Bank Corporation Limited (Capital), Kantor & Immerman (KI) has “renounced agency” from representing the National Social Security Authority in any matters linked to the ex-ReNaissance Merchant Bank (RMB). This also comes as ReNaissance Financial Holdings Limited (RFHL) has won a confirmation…
