HARARE – Blanket Mine (Blanket) gold production declined to 41 771 ounces in 2014 from 45 527 ounces registered in 2013 due to lower head grade. Steve Curtis, chief executive of Caledonia Mining Corporation (Caledonia) — the parent company of Blanket — said 2014 was another challenging year due to the lower gold price and…
HARARE – Hwange Colliery Company Limited (HCCL) is set to acquire new coal concessions in a move aimed at increasing the life-span of the group’s mines and attract new investment. HCCL chairman Farai Mutamangira, said focus on the concessions was mostly on western areas. “This will also augment Hwange Colliery Company’s capacity to supply coal…
HARARE – Construction firm Masimba Holdings Limited (Masimba) is seeking regulatory approval to unbundle its contracting and manufacturing businesses into two separately listed companies. Greg Sebborn, Masimba chairman, said the board’s strategy to separate the two divisions is expected to benefit shareholders by making it easier to attract capital for their separate growth profiles. “The…
HARARE – Standard Chartered Bank Zimbabwe Limited (Stanchart) is embarking on a restructuring exercise in line with its parent company’s — Standard Chartered Plc — review of its global branch network. Samuel Rushwaya, the Stanchart chairman said the restructuring exercise would be conducted carefully in line with local regulatory requirements to ensure that it does…
HARARE – African Sun Limited (ASL) chief executive Shingi Munyeza has resigned with immediate effect, as private equity firm Brainworks Capital Management (BCM) plans a total takeover of the listed hospitality group. Munyeza — a businessman and owner of Mugg & Bean, Ocean Basket and News Café franchises in Zimbabwe — said he leaves ASL…
HARARE – Zimbabwe is planning to list its struggling parastatals on the stock exchange in an effort to raise capital and unlock value, Finance minister Patrick Chinamasa has said. Chinamasa said parastatals were sitting on idle assets whose potential and value could be unlocked through listing on the Zimbabwe Stock Exchange (ZSE). “It is my…
HARARE – Zimbabwe Stock Exchange-listed NMB Zimbabwe Holdings (NMBZ) has registered a $1,6 million profit after tax in the full year to December 31, 2014, up from a loss of $3,3 million recorded in 2013. Tendai Mundawarara, the outgoing NMBZ chairperson said the group’s tax before profit stood at $2,4 million underpinned by a good…
HARARE – Impala Platinum (Implats)’ Zimbabwean unit Zimplats has lost its High Court challenge of a $29,6 million additional profits tax (ATP) bill imposed by the country’s revenue collector. Alex Mhembere, Zimplats chief executive, on Thursday said “the effect of the judgment is that (the group) will have an additional liability for APT for the…
HARARE – ZB Financial Holdings (ZB), one of the big banking institutions with a strong asset base in the country, is aiming a return to profitability this year through reduced overheads and product innovation. ZB chief executive, Ron Mutandagayi told analysts on Thursday that the creation of short-term value and setting of a platform for…
HARARE – National airline Air Zimbabwe (AirZim) has so far realised nearly $40 000 from commercialising its technical and engineering services. AirZim acting chief executive, Edmund Makona, said after investing about $50 000 in workshop refurbishments the national flag carrier raised $39 000 in less than two weeks after opening the warehouse to the public….
