HARARE – DIAMOND mining company Gye Nyame Resources (GNR) is still intact and ready to commence full production as soon as it gets ministerial clearance and guidance, board chairperson Manson Mnaba has said. This comes as the Daily News has reported that government had resolved to dissolve the GNR joint venture after a series of…
HARARE – Government’s move to introduce protectionist measures may exert inflationary pressures on the economy, says ZB Financial Holdings (ZBFH). This comes as Finance minister Patrick Chinamasa, in his 2014 budget, said government would impose protectionist strategies, including increasing import duty on finished products, to guard against continued flooding of imports. “Government will be instituting…
HARARE – The average wealth of individual Zimbabweans declined to $570 in 2013 from $630 in 2000 due to lack of ownership rights and constricted foreign direct investment, a New World Wealth (NWW) report has revealed. Andrew Amoils, a senior analyst with NWW, a research company providing information on the global high-net-worth sector, with a…
HARARE – Diversified group TSL Limited (TSL) says it plans to acquire a transport and logistics business through a share swap deal within the next two months. This comes as the group last year revealed that foreign investors had expressed interest in its transport and freight subsidiary Bak Logistics Limited (Bak). It will convene an…
HARARE – Toronto Stock Exchange-listed Caledonia Mining Corporation (Caledonia) says it surpassed its gold production target of 44 000 ounces for 2013 by 3, 4 percent spurred by investments in its exploration and development projects. This comes as the southern Africa-focused miner’s total gold production for 2013 at its subsidiary Blanket Mine was 45,517 ounces,…
HARARE – The Zimbabwe Investment Authority (ZIA) approved foreign investment projects worth nearly $700 million last year, down from close to $1 billion recorded in 2012. Statistics from the authority revealed that $685 893 756,58 worth of projects went through between January and December 2013 with China contributing the bulk of the figure at $389…
HARARE – Telecel Zimbabwe (Private) Limited (Telecel) insists that it has paid its licence renewal fees to the government, but was “let down” by one of its bankers in the remittance of the funds. This comes amid reports that Zimbabwe’s second largest mobile operator – by subscriber base – had failed to honour its dues…
HARARE – Zimbabwe’s largest wireless network operator Econet plans to commercially launch remittance services between locals and residents in South Africa (SA) under its mobile money transfer platform, EcoCash. The group — which has obtained approval from the Reserve Bank of Zimbabwe (RBZ) and the South African central bank — says it has already done…
HARARE – Afrasia Bank Zimbabwe (AfrAsia Bank) — formerly Kingdom Bank Limited — has appointed Tineyi Mawocha as managing director (MD). His appointment is with effect from January 6, 2014. Mawocha, former Tetrad Bank MD, replaces Francois Molife who resigned early last year. Sylvester Dendere, who was acting MD, will retain his position as Mawocha’s…
HARARE – Zimbabwe Electricity Transmission and Distribution Company (ZETDC) — a subsidiary of power utility Zesa Holdings — says the country could save up to $115 million annually through efficient power demand side management. Demand side management is the planning, implementation and monitoring of programmes and activities carried out by the national power utility to…
