HARARE – Toronto Stock Exchange-listed New Dawn Mining Corporation (New Dawn) has threatened to divest from Zimbabwe if its planned cost-reduction measures fail and the international gold price continues to fall. The gold miner — operating five mines in Zimbabwe — said it might mothball its operations or dispose the business totally. According to Money…
HARARE – Zimbabwe’s two biggest political parties, Zanu PF and MDC, have presented manifestos crafted to win the hearts of voters in the July 31 election, but their strategies and policies are economically unviable, analysts say. Like in many African countries, bread and butter issues and “politics of the stomach” will undoubtedly be some key…
HARARE – Deep pocketed pensions administrator, the National Social Security Authority (Nssa), says it will next month demolish the infamous Ximex Shopping Mall in the Harare CBD and construct an 11-storey building. James Matiza, Nssa’s general manager, told businessdaily that the authority’s board has approved a proposed plan or structure of the new property with…
HARARE – Econet Wireless Global (Econet)’s subsidiary Liquid Telecom Zimbabwe (Liquid) says it has invested over $80 million in setting up fibre optic network in the country. Wellington Makamure, Liquid’s managing director, yesterday said the company’s objective is to “provide reliable and high-speed Internet access countrywide”. “Our current capacity is 10G and we will soon…
HARARE – United States-based firm Mabwe Minerals Incorporation (MMI) says it has commenced barite and limestone production at its Dodge Mine in Zimbabwe. The mining company announced this week that the Environmental Management Agency (Ema) has completed certification of Mabwe Minerals’ Dodge Mine and issued the required permit to immediately begin mining operations. With this…
HARARE – Mining royalties – one of Zimbabwe Revenue Authority (Zimra)’s key revenue heads – took a knock in the six months to June due to diminishing global mineral prices, dipping 25 percent to $81,1 million against a target of $107,8 million. “The revenue head failed to meet set targets but still grew by 25…
HARARE – A local firm owned by FBC Holdings Limited (FBCH) chief executive John Mushayavanhu has acquired a 51 percent stake of Masawara plc’s energy portfolio — held through Masawara Energy Mauritius (MEM), the Daily News can reveal. While the parties have agreed on a conditional sale since negotiations started in February, the reclusive banker’s…
HARARE – Uncertainty over Zimbabwe’s political future continues to affect the country’s economic performance with experts predicting a slowdown of the economy. Zimbabwe is due to hold watershed polls in a fortnight with President Robert Mugabe squaring off longtime rival Prime Minister Morgan Tsvangirai. However, investors have taken a wait-and-see approach with their funds —…
HARARE – AIM-listed African Consolidated Resources (ACR) says negotiations with potential investors are at an advanced phase for possible funding for its Pickstone-Peerless gold mine in Zimbabwe. The miner, which unveiled the results of the definitive feasibility study (DFS) for the project yesterday, said the study reveals the robust economics of the operation, which will…
HARARE – Kingstons Holdings Limited (Kingstons) — a stationery group 51 percent owned by the government — is reportedly on the verge of collapse with debts amounting to over $5,3 million. Since the introduction of the multi-currency system in 2009, dominated by the United States dollar, the group has struggled to remain afloat due to…
