FBC Holdings’ (FBC) say its loan book grew by 228 percent to $1,5 trillion during the first six months of 2023. In a statement accompanying results, the financial services group’s chairman, Herbert Nkala said banking subsidiaries’ focus was supporting customers across major sectors of the economy. “Efforts are also underway to mobilise funding at an…
THE management at Sandawana Mine (Sandawana) says significant progress has been made in preliminary metallurgical tests for onsite lithium mining and processing plans. Sandawana was previously one of the world’s largest emerald mines, but it closed years ago after production fell and markets dried up. Kuvimba Mining House now intends to restart the mine as…
FINANCE minister Mthuli Ncube says the government is ready to engage the insurance industry on climate proofing and creating climate resilience. Ncube made these remarks in an address to the 2nd Insurance Regulators Retreat for Africa, which was co-hosted by the Insurance and Pensions Commission (Ipec) and the Africa College of Insurance and Social Protection…
OLD Mutual Zimbabwe (OMZ) says it mobilised and disbursed US$110,9 million in funding for export-oriented businesses during the first six months of 2023. Chief executive of OMZ, Samuel Matsekete, said the aim was to provide companies with long-term finance to enhance production capacity and boost exports. “We are enhancing the value proposition in the banking…
ZIMPLATS says it has committed US$35,4 million to fund the first phase of its 35 megawatts (MW) solar plant at the Selous Metallurgical Complex, against a budget of US$37 million. In a trading update, the platinum group metals (PGMs) producer said it obtained a 185MW power generation licence last year, which is scheduled for completion…
AMALGAMATED Regional Trading (Art) says it will leverage on its global sourcing partners to deliver cost-competitive raw materials. This comes as the diversified group had previously raised concerns about raw materials shortages impacting its operations. “The increased capacity and new equipment will enable us to deliver a wide range of quality products to our customers,”…
FIRST Capital Bank (FCB) says its deposits declined by 19,54 percent to US$109,5 million during the half-year ended June 30, 2023, owing to the devaluation of the Zimdollar. The domestic unit lost more than 75 percent against the greenback during the period. The bank’s US dollar-denominated deposits, however, increased by 6,6 percent during the…
ZIMBABWE and the Democratic Republic of Congo are bullish about their trade potential after a third formal interaction between the two countries’ business communities in the last four months. Trade development and promotion body ZimTrade in May led a business delegation to the DRC, which was reciprocated by a swift follow-up visit to Zimbabwe in…
AMALGAMATED Regional Trading (Art) says it will leverage on its global sourcing partners to deliver cost-competitive raw materials. This comes as the diversified group had previously raised concerns about raw materials shortages impacting its operations. “The increased capacity and new equipment will enable us to deliver a wide range of quality products to our customers,”…
COTTCO, the country’s largest cotton financier, says it has already surpassed last year’s cotton intake by 49,27 percent with the buying season still ongoing. Production during the 2022-23 season benefited significantly from the Presidential inputs scheme, which raised production for a number of farmers. “We are almost at the end of the cotton marketing season…
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