HARARE – Zimbabwe’s largest platinum producer Zimplats plans to construct two declines that enable access to an underground ore belt following the collapse of its Bimha Mine (Bimha). The move is aimed at meeting the miner’s target to produce two million tonnes of platinum ore per annum. However, its mining general manager Simbarashe Goto could…
HARARE – Two more indigenous banks face collapse due to the persisting liquidity crisis’ systemic risk inherent in the financial sector, a report released this week indicated. In a 2014 first half analysis of Zimbabwe’s economy, Econometer Global Capital (Econometer) warned that the country’s financial sector was far from being solid. “Contrary to the official…
HARARE – Old Mutual’s mortgage lending unit Central African Building Society (Cabs) has secured $70 million offshore credit lines. The funds are targeted at boosting the institution’s housing loans in Zimbabwe. Kevin Terry, Cabs managing director, yesterday said the group will access at least $50 million by end of July 2014. “…and another $20 million…
HARARE – South Africa-based Nampak Limited (Nampak) plans to wholly acquire Zimbabwe Stock Exchange-listed packaging firm Hunyani Holdings (Hunyani) and merge it with two other local units in a share swap deal. The Johannesburg Securities Exchange-listed group – already holding a 38, 6 stake in Hunyani – intends to merge the unit with dormant CarnaudMetalbox…
HARARE – Finance minister Patrick Chinamasa has urged indigenous banks to comply with the central bank’s minimum capital requirements or face downgrading to micro finance institutions. “If you say that you have found yourself in the top league and you clearly don’t qualify, please go back to the league you qualify before we disqualify you,”…
HARARE – AIM-listed African Consolidated Resources (ACR) says it remains in negotiations with investors concerning $18 million funding. The miner intends to spend the cash on acquiring Falcon Gold Zimbabwe (Falgold)’s Dalny Mine and to fast track production at its Pickstone Peerless Gold project in Zimbabwe. It plans to buy Dalny for $8 million. The…
HARARE – The Zimbabwe Revenue Authority(Zimra) collected $45 million in mining royalties arrears in the half year to June 2014 as the tax collector intensifies efforts to boost dwindling earnings. Gershem Pasi, Zimra commissioner-general, said during the period under review, total royalties collected amounted to $112,6 million, 45 percent above target, adding that the arrears…
HARARE – The insurance sector was depressed in the first half of 2014, with the industry’s contribution to the Zimbabwe Stock Exchange (ZSE)’s turnover down 5,97 percent, according to stock broking firm IH Group (IHG)’s insurance index. It said the sector’s year-on-year to June contribution to the bourse’s turnover was also down 8,18 percent. “The…
HARARE – Government has signed a Memorandum of Understanding (MoU) with the Zimbabwe Stock Exchange (ZSE)’s stakeholders as part of steps to demutualise the bourse. The demutualisation — on the cards for several years, with numerous deadlines missed due to funding challenges — is a process where the exchange will be transformed from mutual institution…
HARARE – American fast food chain Kentucky Fried Chicken (KFC) has reopened in Zimbabwe after a nearly seven-year closure. The retailer – planning to open about 25 outlets in Zimbabwe – finally unveiled its first shop in Harare on Sunday after more than a year following announcements to restart business in the country. Sources said…
