HARARE – NMBZ Holdings Limited (NMBZ) says three foreign investors have agreed to inject $14,8 million into the group in return for a 27 percent stake. The three strategic investors are AfricInvest Capital Partners (AfricInvest), FMO — a Dutch development bank and Norfund— a Norwegian development finance institution. The funds will assist the group’s banking…
HARARE – Zimbabwe Stock Exchange-listed resources group RioZim Limited (RioZim) yesterday filed an urgent High Court application to bar politicians from disrupting operations at its Renco gold mine. What started off as a salaries and benefits dispute by the mine’s workers’ wives last week, turned political with Zanu PF Chivi south legislator Irvine Dzingirai reportedly…
HARARE – Zimbabwe’s Supreme Court has backed Mines minister Obert Mpofu’s move to cancel Bearable Prospects (Bearable)’s claim to the Mwanesi iron ore reserves, which were given to Essar Africa Holdings Limited (Essar). By dismissing Rodrick Mumbire’s appeal this week, Deputy Chief Justice Luke Malaba has effectively facilitated the conclusion of the Mauritian-based resources group’s…
HARARE – The Tobacco Industry and Marketing Board (TIMB) has licenced Chidziva Tobacco Processors (Chidziva) to buy burley tobacco this year following closure of sole-buyer Burley Marketing Zimbabwe (BMZ). The move is expected to relieve burley tobacco growers who have over the years struggled to sell the crop. BMZ — sold to cigarette manufacturer Savannah…
HARARE – Cement maker Pretoria Portland Cement (PPC) says it is pursuing additional buy out opportunities in Africa to help unlock shareholder value and increase its presence in the continent. Last year, the South Africa-based company hinted that it could spend about $300 million on funding more acquisitions in the continent this year. In its…
HARARE – European Investment Bank (EIB) officials arrived in Zimbabwe on Monday for a week-long mission to assess funding opportunities in the country’s struggling industry. This comes on the back of Zimbabwean industry and businesses struggling to access lines of credit. The EIB, in collaboration with the Zimbabwe National Chamber of Commerce (ZNCC), has invited…
HARARE – The Zimbabwe Tourism Authority (ZTA) says the report on tourism industry’s performance in 2012 will be out by end of February. The report — which gives detail on statistics and receipts recorded last year — is key in gauging recovery of the sector. Zimbabwe’s tourism sector has been depressed since the year 2000…
HARARE – Mwana Africa plc (Mwana) says construction of a pilot plant at its gold miner Freda Rebecca (Freda) has begun with commissioning expected in the third quarter of the year. The AIM-listed resources group said significant progress has been made in the evaluation of the economic potential of the tailings storage facilities, which are…
HARARE – The salaries gap in Zimbabwe continues to widen with executives now earning at least $15 000 per month while “shop floor workers” take home way less than $500. Human resources experts say the disparities in earnings is mainly influenced by skill, with skilled workers individually negotiating salaries with employers while the unskilled or…
HARARE – The Zambezi River Authority (ZRA)’s multi-billion dollar project to construct a 1 600 megawatts hydropower station in Victoria Falls will soon commence following Zambia’s renewed interest in implementing the initiative. ZRA is a company jointly-owned by Zimbabwe and Zambia and has the sole authority in the running of the hydropower station. Assessment on…
