HARARE – Essar Africa Holdings Limited (Essar) executives are expected in Zimbabwe this Friday to engage the Mines ministry over plans to establish a thermal power station in the country. The Indian steel giant, which acquired a 54 percent stake in Zimbabwe’s iron processor NewZim Steel – formerly Ziscosteel —in a $750 million deal, intends…
HARARE – Meikles Limited (Meikles)’ mining subsidiary Meikles Centar Mining (MCM) plans to invest $100 million in a chrome mining venture. This comes as MCM has acquired a 75 percent stake in an undisclosed company that owns chrome claims on the Great Dyke. The group’s chairman John Moxon said exploration on the chrome claims had…
HARARE – AIM-lIisted miner African Consolidated Resources (ACR) awaits Falcon Gold Zimbabwe (Falgold) shareholders’ approval to finalise the acquisition Dalny Mine (Dalny). The group plans to buy Dalny, wholly-owned by Falgold, for $8 million. Falgold said the Zimbabwe Stock Exchange (ZSE)’s listings committee demanded that its shareholders must first approve the proposed disposal at an…
HARARE – Telecel Zimbabwe (Telecel) says its mobile money transfer platform TeleCash has reached 600 000 subscribers since inception in January. Nkosinathi Ncube, the group’s mobile financial services director, said over $15 million has been transacted on the platform. “The uptake of TeleCash is in line with our target of 1,2 million subscribers by year…
HARARE – Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (pictured) has hinted that the central bank might review the $100 million minimum capital requirements for banks. The central bank chief on Monday told Parliament that the strength of Zimbabwe’s financial institutions “should be judged on the quality of their asset books”. “I don’t believe…
HARARE – Zimbabwe Stock Exchange-listed diversified financial services provider FBC Holdings Limited (FBCH) says it has submitted a fresh recapitalisation plan to the Reserve Bank of Zimbabwe (RBZ) following the extension of the $100 million deadline to 2020. John Mushayavanhu, FBCH group chief executive told shareholders at the company’s annual general meeting on Thursday that…
HARARE – Telecel Zimbabwe (Telecel) plans to invest over $200 million towards network expansion, with the group pushing for legislation that compels mobile network operators to share infrastructure. The group — Zimbabwe’s second largest wireless network operator — said it is in negotiations with financiers and vendors for the provision of funds and capital equipment….
HARARE – Mine minister Walter Chidhakwa yesterday retained faith in Farai Mtamangira’s Hwange Colliery Company Limited (HCCL) board amid expectations that the second largest shareholder Nicolas Van Hoogstraten would push for the board’s ouster. Save for Nkosilathi Jiyane and Lucas Nkomo’s resignation, the coal miner’s annual general meeting (AGM) was an ordinary affair after the…
HARARE – Zimbabwe and Kenya are set to sign a Memorandum of Understanding (MoU) aimed at promoting tourism between the two countries. Walter Mzembi, Zimbabwe’s Tourism minister, said the main objective of the MoU is to set out a general framework within which the two nations will strengthen relations and collaborate in the development of…
HARARE – Listed agro-concern SeedCo Limited (SeedCo) says government is no longer their priority customer, with the group now focusing on East and West African markets. The group’s chief executive Morgan Nzwere said government was their “biggest customer, but now there is no need to look to government since our market is stronger”. “In the…
