HARARE – Anglo American Platinum (Amplats)’ Zimbabwe unit Unki production went up four percent to 368 tonnes in the first quarter to March 2014. The group said the performance was on the back of higher volumes delivered to the concentrator and throughput at mills. This comes as Amplats’ total production during the quarter slumped 39…
HARARE – TA Holdings (TA) has warned that it will incur a loss in the year to December 2013 on the back of an impairment charge against its investment in fertiliser maker Sable Chemicals (Sable). “The impairment arose due to the uncertainty over the future returns to be realised by the group from… Sable,” it…
HARARE – The United States says Zimbabwe must rebuild confidence in its vulnerable banking sector to enable the country to attract foreign investment. Bruce Wharton, the US ambassador to Zimbabwe, said foreign investors prefer investment destinations with a solid banking system and clear economic policies. “Zimbabwe must… rebuild confidence in the nation’s economic and banking…
HARARE – Zimbabwe has urged firms to capitalise on the multi-currency system by boosting exports, warning that the scheme will eventually be abolished. Mines minister Walter Chidakwa said the system – dominated by the United States dollar – will not stay forever and “there is need to make alternative plans”. In 2009, Zimbabwe abandoned its…
HARARE – Belgium has overtaken China as the major buyer of Zimbabwe’s tobacco. The Asian economic giant, which has traditionally been the top importer of Zimbabwean tobacco, has dropped to fourth position. In last year’s season, Belgium was the third biggest buyer. Statistics for the 2014 tobacco selling season released by the Tobacco Industry and…
HARARE – Government must implement policies that enforce investor protection if it is to attract meaningful foreign direct investment, the Zimbabwe Investment Authority (Zia) said. This comes as lack of respect for property rights, coupled with the indigenisation policy, are among the major factors that have rendered the investment-starved country investor unfriendly. Zia is a…
HARARE – Zimbabwe must increase taxes on diamond mining companies to cushion the poor and mobilise enough resources for social service delivery, a lobby group has said. The Zimbabwe Coalition on Debt and Development (Zimcodd) in its April report said diamond revenues were not benefiting the poor. “Diamond mining is still shrouded in secrecy thereby…
HARARE – Aim-listed Mwana Africa Plc (Mwana) says its Zimbabwean operations — nickel producer Bindura Nickel Corporation (BNC) and gold miner Freda Rebecca — performed better in the quarter ended March 2014 with production increasing. Its chief executive, Kalaa Mpinga, said both gold and nickel output increased on the back of higher tonnage mined and…
HARARE – Econet Wireless Zimbabwe (Econet)’s retail banking subsidiary Steward Bank is retrenching as part of strategies to contain costs and streamline operations, businessdaily has established. According to sources, the bank will shed 127 workers. It has already served them with retrenchment notices pending finalisation of their packages. “I can confirm that what you have…
HARARE – This year’s tobacco selling season has already seen the green-leaf farmers earning $266 million since its opening in February, up eight percent from $246 million raked in the prior period last year. Figures released by the Tobacco Industry and Marketing Board (Timb) reveal that farmers, who sold 25,9 million kgs of their crop…
