HARARE – Zimbabwe may cut its wheat import bill by nearly $140 million per annum following the signing of a Memorandum of Understanding (MoU) between millers and bakers. The country currently spends around $500 million per annum on importing the cereal. This comes as local wheat production has plummeted as farmers are avoiding the crop…
HARARE – Agro-chemicals manufacturer and distributor Chemco Holdings Limited (Chemco) plans to re-list on the Zimbabwe Stock Exchange (ZSE). The group was suspended from the bourse in August last year. “The board and the majority shareholder are working on the resolution of the suspension,” Chemco said, adding an update will be provided in three months’…
HARARE – Zimbabwe’s equities market has lost nearly $1 billion in one week following the controversial re-election of President Robert Mugabe. The southern African country’s bourse — which had a market capitalisation of $5,96 billion before 89-year-old Mugabe’s election victory — plunged a combined 15,68 percent to close the week at $5 billion. Notable blue-chip…
HARARE – London Stock Exchange-listed Aquarius Platinum (Aquarius) says it will decide on further investing in its Zimbabwean unit Mimosa Mining Company (Private) Limited (Mimosa) around 2015 to 16. While the group’s chief executive Jean Nel did not comment explicitly on the implementation of Mimosa’s indigenisation plan, the unit would require $80 million over a…
HARARE – The Zimbabwe Energy Regulatory Authority (Zera) has threatened to revoke licences of fuel dealers who hike prices without government’s approval. This comes amid reports that traders have hiked prices of the commodity — both petrol and diesel — by as much as $0, 20. “Any fuel licensees who charge beyond the price allowable…
HARARE – Zimbabwe’s mineral earnings declined by 18 percent to $930 million in the half year to June 2013 from $1,1 billion realised in prior comparable period. This comes as high production costs, lack of long-term capital and depressed global metal prices continue to threaten viability of the mining industry. According to the latest Chamber…
HARARE – Zimbabwean stocks traded in the red for a second consecutive day with analysts denoting investors’ worry over President Robert Mugabe and Zanu PF’s win. This comes as the stock exchange, which normally defies convention, rallied in the run up to the July 31 harmonised election to hit an all-time high since dollarisation in…
HARARE – Listed mining concern RioZim Limited (RioZim) narrowed its losses by 53 percent to $2,3 million in the half year to June 2013. The group, which incurred a $4,9 million loss in previous comparable period, has been weighed down by high interest charges — amounting to a staggering $4,4 million during the six months…
HARARE – The Zimbabwe Energy Regulatory Authority (Zera) has dispelled media reports of fuel prices hikes following a highly disputed election held last Wednesday. Gloria Magombo, the Authority’s chief executive, said that the results of the elections were not in anyway linked to any changes in prices. “Fuel prices have not changed in Zimbabwe and…
HARARE – Zimbabwe’s platinum production was depressed in the half-year to June 2013, increasing by a marginal two percent to 6,6 tonnes from 6,4 tonnes in prior comparable period. According to the latest Chamber of Mines of Zimbabwe (CoMZ) data, the country — sitting on the second largest known platinum reserves in the world after…
