HARARE – Zimbabwe Platinum Mines Limited (Zimplats) recorded a 66 percent slump in operating profit to $22,5 million in the quarter ended June 30, 2013 due to lower sales volumes and depressed metal prices. The platinum group metals producer (PGMs), led by chief executive Alex Mhembere, said revenue declined by 26 percent to $126 million…
HARARE – Listed diversified concern Phoenix Consolidated Industries Limited (Phoenix) is mulling selling one of its units to reduce borrowings. “The company has been approached regarding the potential purchase of one of its operating units,” the group said in its financials for half year ended April 30, 2013. It said the transaction could reduce borrowings…
HARARE – Despite the uncertainty facing Zimbabwe’s economy following President Robert Mugabe’s election victory, economic experts say the country’s platinum reserves may raise hopes in the mining sector. This comes after Finance minister Tendai Biti recently revised the mining sectors’ growth target for this year from 17,1 percent to 5,3 percent due to falling metal…
HARARE – Zimbabwe should partner foreign investors in its energy sector to ease electricity shortages in the country, experts say. Professor Anton Eberhard, from the University of Cape Town Graduate School of Business, said the electricity challenges faced by Zimbabwe are not unique as the whole of the southern African region is also experiencing power…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has postponed the 2013 mid-term Monetary Policy Statement (MPS) to an unspecified date in August. Gideon Gono, the central bank governor, said in concurrence with Finance minister Tendai Biti, “a post-election MPS will be issued on a date to be advised.” “Until then, banking-sector players and all…
HARARE – Zimbabwe Stock Exchange-listed resources group Bindura Nickel Corporation (BNC) remains in the red, incurring a $12,9 million loss in the year to March 31, 2013. The nickel producer recorded a $12,7 million loss in the previous comparable period. Conrad Mukanganga, BNC company secretary attributed the loss to low turnover and care and maintenance…
HARARE – With less than 24 hours left for Zimbabweans to vote in a make-or-break election, economists say the country’s economy will decelerate further if President Robert Mugabe wins. Zimbabwe’s economy – still suffering a hangover from a decade-long recession – relatively stabilised and registered growth following the formation of a coalition government in 2009….
HARARE – Government is implementing the long-awaited plan to unbundle air travel parastatal, the Civil Aviation Authority of Zimbabwe (Caaz), into two separate entities. David Chawota, Caaz chief executive, said one of the new formations will assume the regulatory responsibility while the other will be in charge of commercial operations. “The issue… is still being…
HARARE – Zimbabwe is still pursuing the multi-million dollar loans pledged by Botswana and South Africa (SA) following establishment of the country’s coalition government nearly four years ago, Finance minister Tendai Biti said. In 2009, the regional countries, including Angola, promised to lend broke Zimbabwe nearly $200 million to help restart the country’s economy —…
HARARE – Finance minister Tendai Biti has revised downwards Zimbabwe’s 2013 economic growth target to 3,4 percent from five percent. The Treasury chief said developments in the first half of the year “indicate evidence of stagnation, particularly through under-performance in the key sectors of agriculture and mining.” This comes as last year Biti revised downwards…
