HARARE – Zimbabwe seeks to partner regional power utilities and private investors in new energy projects, as part of efforts to boost its electricity supply. The southern African country — currently generating around 1 300 megawatts (MW) against a peak demand of 2 200 MW — plans to increase capacity to 6 600 MW, according…
HARARE – Mimosa Platinum Mines (Mimosa) revenue in the first quarter of the 2014 financial year slumped by 20 percent to $56 million, due to depressed dollar metal prices. Cash margins for the Zvishavane-based Mimosa — which is jointly owned by Impala Platinum and Aquarius Platinum (Aquarius) — decreased from 29 percent to 17 percent…
HARARE – Finance minister Patrick Chinamasa faces a daunting task next month when he presents his maiden national budget for 2014 due to inherent economic challenges in the country. Market watchers contend Chinamasa — who recently returned empty-handed from Washington, where he failed to persuade the International Monetary Fund to release lines of credit to…
HARARE – Zimbabwean companies have been urged to adopt SYSPRO products in an effort to run business more smoothly and cost effectively. SYSPRO, a leading provider of Enterprise Resource Planning (ERP) solutions boasts over 35 years’ experience in managing sustainable growth and is operational in over 60 countries, across six continents with at least 1…
HARARE – National Social Security Authority (Nssa) says it will soon be handing over the completed Beitbridge Hotel to Rainbow Tourism Group (RTG). Phillion Chereni, Nssa’s public relations manager, said the project is currently at the stage of “substantial completion” which means that all major construction work on the project has been completed and the…
HARARE – Zimbabwe requires over $1 billion for the 2013-2014 farming season to be successful, agriculture experts say. Peter Gambara, an independent agronomist told businessdaily that government should complement efforts being done by banks and other private players to revive agriculture by setting aside some funds in the National Budget. “It is encouraging that some…
HARARE – National carrier, Air Zimbabwe (AirZim), should consider partnering other airlines as part of strategies to boost its revenue, Transport minister Obert Mpofu said. “I am sure there are many airlines which might be willing to partner with us,” he said during a familiarisation tour of the parastatal on Wednesday. Mpofu — who vowed…
HARARE – Mining royalties — one of Zimbabwe’s key revenue heads — took a knock in the quarter to September 2013, slumping 39 percent to $39 million due to depreciating international mineral prices. During the period under review, tax collector Zimbabwe Revenue Authority (Zimra) targeted to collect $63,7 million in mining royalties. Sternford Moyo, Zimra’s…
HARARE – Aim-listed resources group Mwana Africa plc (Mwana) says quarterly production at its Zimbabwe-based gold miner Freda Rebecca went up 19 percent quarter-on-quarter to 17,536 ounces. The miner said cash costs fell from $112 per ounce to $837 per ounce during the period under review. It also said its Bindura Nickel Corporation (BNC) subsidiary…
HARARE – Financial group, Tetrad, has secured a $15 million line of credit from a United Kingdom-based fund. The firm said the funds will be channelled towards strengthening operations of its subsidiaries, with its flagship unit, Tetrad Investment Bank (TIB), allocated the biggest share. “The funds come as a welcome boost to the company given…
