HARARE – London-listed junior resources miner Mwana Africa Limited (Mwana) has dispatched the first nickel concentrate shipment from its Zimbabwe-based Trojan Nickel (Trojan) mine. Trojan — put under care and maintenance in 2008 due to viability challenges — restarted operations last year. The timing of the shipment was in line with previous guidance where Mwana…
HARARE – Embattled Jaggers Wholesalers (Jaggers) and its subsidiary Jaggers Trador assets will be auctioned next Tuesday to repay creditors. Jaggers owes creditors $13 million plus. This comes on the back of the High Court granting a final order of liquidation of the retailer, finalising the disposal of its remaining assets. Liquidator Regis Saruchera, of…
HARARE – Finance minister Tendai Biti says his ministry has crafted a policy compelling diamond miners in Zimbabwe to remit at least 50 percent of their revenue to government. This comes as concern has been raised over transparency and incommensurate remittance of diamond revenue to Treasury. He said the funds will be channelled towards boosting…
HARARE – Reserve Bank of Zimbabwe (RBZ) and Time Bank have reportedly agreed to an audit, and verification of the institution’s assets, in fulfilment of a handover-takeover process reached in March. The development also comes as the Chris Tande-led bank has announced plans to release millions worth of securities held since 2006 and the bank…
HARARE – Blue-chip firm Delta Corporation (Delta) says it expects its overall financial performance for the year to March 2013 to be in line with projections, despite lager beer sales volumes slumping six percent in the fourth quarter. “The decline is partly attributable to the adverse impact of the excise duty increase in December 2012…
HARARE – Zimbabwe Stock Exchange-listed transport and logistics group Pioneer Corporation Africa (Pioneer) remains in the red, posting a $562 000 loss after tax in the year to December 2012. The group posted a $291 000 profit in prior comparable period. During the period under review, revenue remained unchanged at $26,6 million compared to $26,4…
HARARE – Finance minister Tendai Biti says Zimbabwe could miss its five percent 2013 projected economic growth target due to fundamental weaknesses that continue to depress the economy. “These weaknesses are reflected through liquidity and financing challenges, limited revenue growth, as well as a widening trade and current account gap, emanating from depressed exports and…
HARARE – Finance minister Tendai Biti says Chinese companies must trade fairly with Africa and invest in sectors that boost the continent’s economy. He said cheap imports from the world’s second largest economic power were affecting Africa’s industry. “The sad reality is that they are not comrades. Their companies are there to make profits like…
HARARE – The Reserve Bank of Zimbabwe (RBZ) plans to carry out a due diligence of Tuli Coal Mine (Tuli), as it pursues the disposal of its 70 percent stake in the venture . This comes after the central bank’s governor Gideon Gono announced in May 2011 that RBZ was disposing all its non-core investments…
HARARE – Denmark says it will disburse $40 million per year for the next three years to Zimbabwe as part of strategies to facilitate the country’s economic revival. Ib Petersen, Denmark’s Foreign Affairs minister, said the money will go towards funding development projects. “We are closely working with the African Development Bank, $40 million will…
