HARARE – Zimbabwe’s platinum output is expected to rise 21,5 percent to 13 tonnes this year from 10, 2 tonnes produced in 2013, according to the Zimbabwe Economic Analysis and Research Unit (Zeparu). In its report titled “Mining Policy Study” unveiled on Monday, the think tank said the increased production is set to generate at…
HARARE – Distressed hygiene and health products maker, Reckitt Benckiser Zimbabwe (RB), is auctioning its plant and equipment, signalling a total collapse of the company. The assets are set to go under the hammer mid-March. Hammer and Tongues (HT), the official auctioneers, said they expect the sale — including furniture and vehicles — to rake…
HARARE – Afrasia Zimbabwe Holdings Limited (AfrAsia) — formerly Kingdom Financial Holdings Limited (KFHL) — recorded a $174 862 profit in the half year to December 2013, recovering from a $16 million loss incurred in the 18 months to June 2013. Charles Wawn, the group’s acting chairperson, said the performance is on the back of…
HARARE – CBZ Holdings Limited (CBZ) — Zimbabwe’s largest financial group by assets — says it has so far disbursed over $350 million in loans to the agricule sector this year. Its chief executive, John Mangudya, said the institution would continue to fund the sector as part of efforts to revive the country’s economy. “Over…
HARARE – Confederation of Zimbabwe Industries (CZI) says any hike in electricity tariffs will further erode local industry’s competitive edge. Energy authorities are planning an electricity tariff increase of around five percent. Charles Msipa, the industry representative body’s president, said they are “vigorously opposed to any increase in electricity tariffs”. He said Zesa Holdings (Zesa)’s…
HARARE – Old Mutual Assurance Zimbabwe Limited (OM) is set to acquire another 11,7 percent stake in hard-pressed building materials manufacturer, PG Industries (PG), after a bailout deal. The insurance group will get one billion PG shares under a private placement. Under the transaction, the shares — at $0,001 each — will fetch $1 million…
HARARE – Zimbabwe has awarded the 300 megawatt (MW) solar tender to three companies, including China Jiangxi International Cooperation (CJIC), Intratrek Zimbabwe (Private) Limited (Intratrek) and ZTE Corporation (ZTE). The development comes as the country has been grappling with increased power outages and which have been classified a potential security threat. Although CJIC was the…
HARARE – The Tourism ministry says it is pursuing investment opportunities in gold and diamond mining. This comes as the Walter Mzembi-led ministry, in a rather awkward and unprecedented move, last year established a special purpose vehicle, Mosi oa Tunya Development Company. It said the move was targeted at broadening its revenue base and raise…
HARARE – Foreign investors are keen on investing in the revival of dormant mines including Shabani-Mashava Mine (SMM), Mines minister Walter Chidhakwa said. Apart from the Zvishavane-based asbestos producer, he said the financiers have also expressed interest in the Kamativi tin mine in Mhangura. This comes as government is seeking investors to resuscitate closed mining…
HARARE – Zimbabwe is formulating an energy policy aimed at curbing excessive load-shedding. The policy will focus mainly on energy efficiency and conservation. The southern African country – relying on hydro and thermal energy – equires around 2 200 megawatts (MW) of electricity but currently generates about 1 300 MW, importing the remainder. Load shedding,…
