HARARE – The total value of minerals Zimbabwe produced in the four months to April 2014 — excluding diamonds — declined by 8,5 percent to $596,4 million from $652 million in same period last year. According to latest Chamber of Mines of Zimbabwe (CoMZ) statistics, gold remained the major cash cow, contributing $225,95 million. The…
HARARE – Cigarrette maker Savanna Tobacco (Savanna) plans to invest €1,5 million (about $2 million) in the construction of a packaging plant in Mozambique. The project is part of the manufacturer’s regional expansion plan targeting southern Africa. “We have been exporting a lot of finished cigarettes into Mozambique but I think with the size of…
HARARE – State-owned wireless network operator NetOne says it urgently needs a strategic partner to inject fresh capital. Its chief executive, Reward Kangai, told Parliament’s Information Communication Technology portfolio committee yesterday that the institution needs the capital to keep afloat in the face of increasing competition. He said limited funding resulted in NetOne — the…
HARARE – Zimbabwe has floated a tender for the development and installation of a mining cadastre information system to help ascertain the players in the sector and assist in the administration of mining activities. The cadastre system is an electronic register of all miners. It will record the geographical location, ownership and time validity of…
HARARE – Zimbabwe’s economy is in a precarious state, with usable international reserves covering less than two weeks of imports, the International Monetary Fund (IMF) has warned. In its article 1V consultation with Zimbabwe report released yesterday, the institution said the country’s current account deficit widened to 28,7 percent of gross domestic product (GDP) in…
HARARE – Telecel Zimbabwe (Telecel)’s chief commercial officer Ashraf Elguindy has resigned. His sudden resignation, in yet unclear circumstances, comes on the back of the group’s former chief executive Francis Mawindi’s controversial dismissal last year. “Mr Elguindy is no longer in the employ of Telecel Zimbabwe and has decided to pursue other interests back home…
HARARE – Zimbabwe’s trade facilitation body, ZimTrade, will be spearheading an investment mission in Mozambique as part of efforts to have local companies establish businesses in the country. The trip is set for August in Tete province. Tete’s economic activity has in recent years grown significantly, driven mainly by coal mining. With abundant untapped mineral…
HARARE – Falcon Gold Zimbabwe Limited (Falgold) says its mothballed Dalny Mine (Dalny) weighed down profits for the half year to March 2014 due to revenue channelled to care and maintenance costs. Although the Zimbabwe Stock Exchange-listed mining concern narrowed losses from $2,6 million incurred in the half year to March 2013 to $1,6 million…
HARARE – Zimbabwean businesses can cash in on Angola’s thriving economy by investing in its various sectors, particularly manufacturing, ZimTrade says. The oil-rich Angola currently imports about 80 percent of its goods. ZimTrade chief executive Sithembile Pilime said local companies can export construction and steel products, farm produce, electrical goods and manufactured goods to Angola….
HARARE – ZIMBABWE mobile money transactions increased by 11 percent in the week ended May 30, 2014 to $66 962 959, 51 from $60 551 078, 95 recorded prior week, latest central bank statistics reveal. The Reserve Bank of Zimbabwe (RBZ) said during the period under review, transactions processed through the real time gross settlement…
