Business

HARARE – Ex-Hwange Colliery Company (HCC) managing director Fred Moyo has been arrested over an alleged $2 million fraud at Oryx Mine (Private) Limited (Oryx), businessdaily can reveal. Sharon Musendo, the police’s Criminal Investigations Department (CID) press officer, yesterday confirmed the development. “He was arrested on fraud charges,” she said, adding Moyo was still in…

HARARE – Zimbabwe’s high country risk and perceived negative image is hampering investments in power generation projects, Energy ministry said. For decades, the country’s energy sector has deteriorated, undermined by lack of investment, poor maintenance, low fiscal support and a huge debt burden, as well as high consumer default on electricity bills. State-owned power utility…

HARARE – Listed mining concern RioZim Limited (RioZim) says its troubled gold miner Renco has resumed operations, following the granting of a High Court order. Renco’s operations had ground to a halt after what started off as a salaries and benefits strike by the mine’s workers’ wives a month ago, turned political with Zanu PF…

HARARE – Dubai-based property firm Joz Group (Joz) plans to build a multi-million dollar five-star hotel in Zimbabwe. Muhammad Nabeel, Joz’s chief executive, was recently in Harare scouting for a site to build the hotel. Sources close to the developments said Nabeel met a number of representatives in the hospitality industry, including Tourism minister Walter…

HARARE – Listed resources group Mwana Africa (Mwana) says it expects its gold miner Freda Rebecca (Freda) to resume full capacity production in March, following a leach tank explosion a week ago. Meanwhile, Freda has restarted limited production. The explosion had forced Mwana, which owns 85 percent in Freda Rebecca, to briefly stop production at…

HARARE – Standard Chartered Bank’s (Stanchart)private equity arm is looking for more deals in Zimbabwe betting on a rise in consumer spending after years of hyperinflation, a senior executive said. The British bank, whose private equity business has assets under management of about $4,5 billion, made an investment in Zimbabwean agri-business Ariston Holdings through one…

HARARE – Econet Wireless (Econet) has appointed Cuthbert Tembedza as chief executive solely for EcoCash, indicating growing confidence in the mobile money transfer business. Tembedza, who has been with the mobile network operator for two weeks, said he had a “vision of where the brand is going.” Launched in 2011, EcoCash now has more than…

HARARE – Zimbabwe raked in $4 million from the sale of 1 201 646 kilogrammes (kg) of tobacco at an average of $3,33 per kg after three days of selling, the Tobacco Industry and marketing Board (TIMB) said. However, this was a slump from the $4,7 million realised on the sale of 1 322 686…

HARARE – Securities Commission of Zimbabwe (SecZim) says the Zimbabwe Stock Exchange (ZSE) is yet to identify a strategic technical partner who will bring in the requisite expertise for the automation of its trading platform. Tafadzwa Chinamo, SecZim’s chief executive, refuted claims that the local bourse is broke to finance the automation. “This is in…

HARARE – Listed conglomerate Meikles Limited (Meikles) is forging ahead with its plans to venture into mining, as the group has applied for a licence from the Mines ministry. Back in November, Meikles’ chairperson John Moxon announced the formation of a stand-alone mining unit Meikles Resources, projecting that revenues from the venture could exceed those…