HARARE – Asian energy giant Chint Electric Company Limited (Chint) — through its local partner Intratrek Zimbabwe (Intratrek) — is keen on building solar farms worth $750 million in southern Zimbabwe, businessdaily can reveal. This also comes as the country has been experiencing serious power outages, in a development that has hobbled industries and the…
HARARE – Listed grain processor and miller National Foods Holdings Limited (NatFoods) plans to buy back at least 10 percent of its issued ordinary shares. The group will seek shareholders’ approval at an annual general meeting to be held in November. Since 2009 most companies in Zimbabwe including CFI Holdings, Delta Corporation, NicozDiamond and TA…
HARARE – Platinum group metals (PGM) producers in Zimbabwe are carrying out a feasibility study on the construction of a $3 billion platinum and base metal refining complex in the country, an industry group said. The country’s Chamber of Mines said the miners —Impala Platinum Holdings (Impala), Anglo American Platinum Limited (Anglo) and Aquarius Platinum…
HARARE – Zimbabwe lost approximately $2 billion to corruption last year, tax collector Zimbabwe Revenue Authority (Zimra) said. This comes as the country was rated among the most corrupt nations in southern Africa in a recent Transparency International (TI) survey, ranking 163 out of 176 countries. TI’s corruption perception index — ranking countries and territories…
HARARE – Zimbabwe needs investment of as much as $5,3 billion and stable mining policies if it is to boost platinum output to a point where it can rival Russia as the world’s second-biggest producer of the metal, an industry organisation said. To increase production to the more than 500 000 ounces per annum needed…
HARARE – Diversified group Meikles Limited says it will be able to fully implement its approved indigenisation empowerment plan when the Reserve Bank of Zimbabwe (RBZ) repays its $66,5 million deposit. The funds, initially $40,5 million before accruing interest, were a deposit held by the central bank under Meikles’s foreign currency account. Over the years,…
HARARE – The Zanu PF-led government should focus on implementing strategies and policies outlined in its new economic blueprint, Zimbabwe Agenda for Socio-Economic Transformation (Zimaset), or risk failing the economy, experts say. They said while the new economic roadmap — to guide Zimbabwe for the next five years — is ideal for the country, Zanu…
HARARE – Zimbabwe’s trade deficit ballooned to $3,02 billion in the eight months to August 2013 after the country imported goods worth $5 137 billion against $2,11 billion exports during the period. According to latest figures from the national statistics agency, Zimstats, the southern African country imported nearly $35 million worth of milk and related…
HARARE – Mauritius-based AfrAsia Bank Limited (AfrAsia) will pay prominent banker Nigel Chanakira $12 million following the disposal of his 30 percent stake in financial group AfrAsia Kingdom Zimbabwe Limited (AKZL). The transaction awaits shareholders’ approval at an extraordinary general meeting to be held early November. Chanakira divested from AKZL in September, disposing 289 133…
HARARE – Embattled fixed line operator, TelOne, plans to write off overdue debts amounting to $80 million owed by residential subscribers. The group – Zimbabwe’s sole land line network company – has struggled to get payments from subscribers since dollarization of the country’s economy in 2009. It said the bills cancellation was “in line with…
