HARARE – Listed RioZim Limited (RioZim) is set to establish a plant and acquire equipment worth $3 million as the miner moves to restart its mothballed Cam and Motor gold mine. The group said it “has already placed an order for a 1 500 tonnes per day plant which at full capacity is expected to…
HARARE – Zimbabwe’s largest platinum producer Zimplats reported a depressed performance in the last quarter ending December 2014, with the miner posting a $20,5 million operating loss due to the collapse of its largest mine, Bimha. The group — 87 percent owned by South Africa’s Impala Platinum Holdings — said disruptions caused by the Bimha…
HARARE – Anglo American Platinum (Amplats)’s Zimbabwean unit Unki Mine (Unki) production for the 2014 fourth quarter declined marginally to 412 000 tonnes from 414 000 tonnes achieved in prior quarter. The Shurugwi-based mine’s platinum group metals (four elements grade) output also dropped to 3,02 grammes per tonne from 3,16 grammes while it produced 15…
HARARE – Amalgamated Regional Trading Corporation (ART) has appointed Tapiwa Murad Ameer as chief executive following the resignation of long-serving Richard Zirobwa. His appointment is with effect from next month. Prior to his new appointment, Ameer was the group’s chief operating officer and managing director of its batteries division. “He has been with the group…
HARARE – Former Finance minister Tendai Biti says recent amendments to the indigenisation law could exacerbate corruption and create confusion in the implementation of the policy. Early this year, government gazetted amendments to the empowerment policy — compelling foreigners to cede majority shareholding to black locals — to empower line government ministries to oversee compliance…
HARARE – Gem RioZim Investments (Gem) has advanced RioZim Limited (RioZim) $700 000 as part of its subscription towards the miner’s proposed $10 million rights offer to fund the resuscitation of its Cam and Motor gold mine. Gem holds a 24,97 percent stake in RioZim and will fully underwrite the capital raising exercise. The Kadoma-based…
HARARE – Listed hotelier African Sun Limited (Afrisun) has disposed part of its 16,54 percent stake in Dawn Properties (Dawn) for $1 million, Business Live has established. The transaction was effected on the Zimbabwe Stock Exchange (ZSE) on December 17 last year. “The rest of the disposal is expected to be completed by March 30,…
HARARE – The Zimbabwe National Road Administration (Zinara) says it has not failed to pay its $9 million-plus Development Bank of Southern Africa (DBSA) quarterly installments, according to board chairman Albert Mugabe. This comes amid swirling rumours that the highways agency was struggling to service its debts with the regional lender and NMB Bank Limited…
HARARE – A French business delegation — including executives from multi-nationals Alstom and Bureau Veritas — was expected in Zimbabwe yesterday on a mission to explore investment opportunities. The business people, in the country for three days, are set to meet several government ministers and managers of top Zimbabwean and international companies, with the support…
HARARE – The Reserve Bank of Zimbabwe (RBZ) says defunct Trust Bank Corporation Limited (Trust Bank) shareholders have until April 8, 2015 to secure new investors. Trust Bank, owned by William Nyemba’s Trust Holdings Limited (THL), was placed under provisional liquidation by the High Court in October 2013. “The major shareholders of the bank may……
