HARARE – Zimbabwe must have adequate power supply in order to fully realise the benefits of a platinum refinery, the Platinum Producers Association of Zimbabwe (PPAZ) says. This comes on the back of escalated efforts by government to have platinum processed locally with President Robert Mugabe recently threatening to ban exports of the metal in…
HARARE – Brainworks Capital (Brainworks) — through its subsidiary Lengrah Investments (Private) Limited (Lengrah) — has increased its shareholding in African Sun Limited (African Sun) to 43 percent from 32 percent. This follows the financial advisory firm’s acquisition of 42,3 million African Sun shares under a special bargain last week. The hotelier is currently trading…
HARARE – Samsung Electronics (Samsung) has entered into partnership with Line Products and Services (LPS), confirming the local firm as an official distributor for the global technology company’s products in the country. The two companies signed a Memorandum of Understanding last week. To kick start their partnership, LPS is set to hold an exhibition for…
HARARE – Zimbabwean authorities should seriously engage their South African counterparts to plug gold leakages estimated to be between 100 kg and 300 kg, legislator Paradzai Chakona told Parliament. This comes as gold leakages have largely been a result of low monitoring and accountability coupled with high taxes. “The level of smuggling is commensurate with…
HARARE – Government faces a conundrum in its bid to procure vehicles from Willowvale Mazda Motor Industries (WMMI) amid revelations that the company has no capacity whatsoever and it is actually importing completely-built-up (CBU’s) units from South Africa (SA). This comes as Parliament has been pushing for central government to exclusively procure its cars from…
HARARE – Zimbabwe is in talks with private investors to build a $1 billion platinum refinery, after companies “deliberately delayed” construction, Mines minister Walter Chidakwa said. Chidakwa, who didn’t identify the investors, also repeated a November 9 threat by President Robert Mugabe to halt exports of raw platinum. The measures would only be taken once…
HARARE – Radar Holdings (Radar) plans to boost production at its brick-making arm MacDonald to 60 million units from around 48 million by year end. The group said it anticipated a surge in bricks demand on the back of increased activity in the construction and mining sector. Without disclosing how much they intended to invest…
HARARE – Canada-based New Dawn Mining Corporation (New Dawn) on Wednesday delisted from the Toronto Stock Exchange and moved its operations to the tax haven of Cayman Islands as part of on-going attempts to cut costs. The Zimbabwe-focused group with several gold mines in the country believes the proposal to transform from a listed to…
HARARE – Zimbabwe plans to set a renewable energy tariff as part of efforts to lure investors into electricity generation. The country — generating approximately 1 100 megawatts (MW) against a 2 200 MW peak and growing demand — is currently battling a crippling power crisis that has hit both industrial and domestic consumers. Partson…
HARARE – Zimbabwe has so far earned over $1,3 billion from tobacco sales since the opening of the marketing season mid-February. Statistics released by the Tobacco Industry and Marketing Board (Timb) indicate that tobacco exports surged to $719 million in November from the sale of 130 million kilogrammes (kg), compared to $712 million recorded in…
