HARARE – Zimbabwe realised $29,2 million from the auction of 380 000 diamond carats in Dubai last week. From the earnings, Mines minister Walter Chidhakwa said government will collect $4,3 million in royalties. Seven diamond mining companies based in Marange participated in the gem sale, which achieved an average price of $76 per carat, 5,4…
HARARE – Zimbabwe is considering licensing BlackBerry Messenger (BBM) service, which at the moment is barred by State regulation, an Information ministry official said. Cosmas Chigwamba, acting permanent secretary in the ministry, said government is in discussions concerning the introduction of the messaging service — exclusive to BlackBerry handsets and the licensing of operators in…
HARARE – London-listed Caledonia Mining Corporation (Caledonia) says gold production at its Zimbabwe-based Blanket Mine (Blanket) declined by 7,2 percent to 10 607 ounces in the quarter ended March 31. The gold producer — 49 percent-owned by Caledonia — produced 11 429 ounces in the 2013 fourth quarter. Caledonia said the output was hit by…
HARARE – Zimbabwe’s mineral output remained depressed in February 2014 with gold and nickel registering significant declines, a Finance ministry state of the economy report indicates. The country produced 831,3kg of gold in February down from 926,8kg in January. “This (decline) was mainly on account of production slippages from large-scale producers,” said Treasury. In February,…
HARARE – Former Finance minister Tendai Biti has urged new Reserve Bank of Zimbabwe governor John Mangudya to wield the axe on ‘rogue’ bankers whom he accuses of pervading the financial sector. Mangudya — currently chief executive of Zimbabwe’s largest financial group by assets, CBZ Holdings — assumes office on May 1. He takes over…
HARARE – More than half of Zimbabwe’s exporting companies are facing stiff competition from Chinese and South African firms. According to the latest local export manufacturing capacity survey by Zimtrade, 52 percent of local exporting firms are buckling under pressure from foreign companies, which receive various incentives and support from their governments to reduce the…
HARARE – About 58 percent of Zimbabwean manufactured goods are not certified, Zimtrade said. To maintain standards and quality, goods are supposed to be certified by the Standards Association of Zimbabwe (SAZ). ZimTrade, a trade facilitation body for Zimbabwean exporters, said the uncertified products are uncompetitive on the global market thereby affecting the country’s export…
HARARE – South Africa-based Impala Holdings Limited (Implats)’ Zimbabwe unit, Zimplats, has appointed former Glencore Xstrata top official Andile Sangqu as non-executive director. His appointment is with effect from April 1, 2014. Zimplats is 87 percent owned by Implats — the world’s second-largest platinum producer, and the group has major growth plans for the local…
HARARE – The Zimbabwe Stock Exchange (ZSE)’s market capitalisation slumped by $642,8 million to $4,56 billion in the first quarter of 2014 as stock prices plummeted, a latest market report reveals. In the report, financial group AfraAsia Holdings Zimbabwe Limited (AfrAsia) said the slackening economic growth and disappointing 2013 companies’ performance earnings contributed to weakening…
HARARE – Finance minister Patrick Chinamasa will next week travel to Washington, United States, to attend the International Monetary Fund (IMF) spring meetings. The Treasury chief — struggling to secure bailout packages and budgetary support — said he would use the platform to lure investors into investment-starved Zimbabwe. He acknowledged that foreign investors were critical…
