HARARE – Pan-African mining group, Mwana Africa PLC (Mwana) says it has recorded a 34 percent increase in gold production to 18,350 ozs at its Freda Rebecca gold mine. Mwana said the mine had achieved recoveries of 83 percent for the quarter, highest average recoveries in 2012. “Freda Rebecca achieved C1 cash costs of $797/oz…
HARARE – More than $2 billion is needed for the rehabilitation of Zimbabwe’s roads and help restore the network to international standards, businessdaily has learnt. Zimbabwe’s road network, once rated as the best in southern Africa outside South Africa, has increasingly become an eyesore and dangerous to motorists due to lack of proper maintenance. Eric…
HARARE – Zimbabwe’s Finance minister Tendai Biti has said lenders, including units of Barclays and Standard Chartered banks, had a last chance to support the central bank’s Treasury bill sales or they would be compelled to buy negotiable certificates of deposit (NCDs). The Reserve Bank of Zimbabwe yesterday offered $30 million worth of 91-day Treasury…
HARARE – Econet Wireless says it has linked up with, Econet Wireless South Africa, to provide the cheapest rates for calls from the country to Zimbabwe. The service, dubbed “Call Home”, now allows Zimbabweans in South Africa to call home during the evenings for a low rate of R2,25 per minute with pure per second…
HARARE – The Tourism minister has appealed to Finance minister Tendai Biti to unveil a $100 million tourism fund to enable the recapitalisation and refurbishment of the sector ahead of the United Nations World Tourism Organisation (UNWTO) general assembly next year. Liquidity constraints and economic meltdown of the last decade have left most hotels in…
HARARE – The Grain Millers Association of Zimbabwe (Gmaz) says government has accumulated $108 million foreign debt on grain which needs servicing to avert looming food shortages and price hikes. “Government must, as a matter of urgency, pay in full or enter into payment settlement with its foreign grain creditors,” said chairperson Tafadzwa Musarara in…
HARARE – The African Development Bank (AfDB) says the country risks engaging in excessive borrowing and the possibility of rollovers in the event that it fails to redeem its Treasury Bills (TBs). The TB market, which last operated in 2008 was reintroduced last month in a bid to raise funds to enable government to smoothen…
HARARE – Buy Zimbabwe is finally opening its doors to the country. On Saturday, it unveiled its first store in Zvishavane, stocked exclusively with Zimbabwean-made products. Buy Zimbabwe spokesperson Munyaradzi Hwengwere sees the opening of the Zvishavane store as a stepping stone to reviving the economy. He said Zimbabweans can use the power of their…
HARARE – Telecel Zimbabwe (Telecel) has revealed a new promotion were customers will now receive 100 percent bonus airtime whenever they use a scratch card or electronic voucher to recharge, no matter the denomination. Customers will also receive free text messages whenever they load airtime worth $2 or more. The bonus on net airtime and…
HARARE – Confederation of Zimbabwe Industries (CZI) has called for the restructuring of the Zimbabwe Revenue Authority (Zimra) and its operations, to eliminate corruption and help improve revenue collection. Over the years, industrialist and market experts have blamed Zimra, which is mandated to collect revenue from all sectors of the economy, for failing to recoup…
