HARARE – Rebranded Cottco Holdings Limited (Cottco) is pinning its revival hopes on the increased cotton production in the country. The agriculture-focused firm, which has been reeling from debts since dollarisation, recently recorded $2, million profit for the year ended March 31, from a loss of $14,9 million last year. Freeman Kembo, the Cottco chairman…
HARARE – AIM-listed miner African Consolidated Resources (ACR)’s acquisition of Falcon Gold Zimbabwe’s (Falgold) Dalny Mine (Dalny) and associated infrastructure is on course following Falgold shareholders’ approval of the deal. The resolution was passed at an extraordinary general meeting in Bulawayo on Wednesday, and shareholders unanimously voted for the sale of the mine. The deal…
HARARE – Zimbabwe is slowly emerging out of a deflationary phase, amid central bank hopes that an increase in broad money supply into the economy will arrest deflation. Figures released yesterday by the Zimbabwe National Statistics Agency (Zimstat) revealed that annual inflation for the month of July stood at 0,31 percent, gaining 0,39 percentage points…
GWERU – Zimbabwe Power Company (ZPC) has missed its power production target by 4,05 percent from the initial 4758,13 GWh to 4565,41 GWh during the first half of the year due to a number of challenges. ZPC engineer, Fungai Sakubvutwa said “system disturbances, low plant availability at the small thermals, shortage of water, generator transformer…
HARARE – International economic think-tank, Business Monitor International (BMI), has become the latest institution to cut Zimbabwe’s economic growth outlook for this year, amid acute power supply constraints, massive company closures and a weak domestic demand. BMI slashed Zimbabwe’s economic growth forecast for this year to 1,7 percent in its latest Business Forecast Report, from…
HARARE – Zimbabwe’s import bill is set to reach $10 billion by year-end as imports continue to balloon against declining exports, economists have warned. This comes as figures from Zimbabwe Statistics Agency (Zimstat) revealed that the country’s import bill increased to $9,6 billion in the past two-and-a-half years, reflecting industry’s continued reliance on foreign goods…
HARARE – Insurance giant Old Mutual plc (OM) says its Zimbabwean prospects are subdued due to the country’s economic downturn. “Zimbabwean prospects are subdued, but elsewhere in Africa we see attractive opportunities to grow our business through both organic and also inorganic activity,” the group said in financials for the half year to June 2014….
HARARE – Shares in mining companies operating in Zimbabwe are falling sharply amid a deepening crisis triggered by President Robert Mugabe’s landslide victory in last year’s presidential election. Zimbabwe is the world’s second-largest producer of platinum after South Africa, and is also an important gold producer. Mugabe’s victory provoked widespread fears he would lead a…
HARARE – AIM-listed Caledonia Mining Corporation (Caledonia) says gold production at its Zimbabwe-based Blanket Mine (Blanket) declined from 22 060 ounces in the first half of 2013 to 21 464 ounces in the half-year of 2014 due to lower grades and declining gold prices. Although production increased from 10 241 ounces in the first quarter…
HARARE – Beitbridge-Chirundu highway’s rehabilitation is being stalled by the project funder’s insistence to contract non-Zimbabwean companies, Transport ministry’s permanent secretary Munesu Munodawafa said. The project, requiring between $500 million to $700 million, is supposed to be financed by the Development Bank of South Africa (DBSA). Munodawafa told a Confederation of Zimbabwe Industries (CZI) congress…
