WEST Properties Holdings says Zimbabwe’s infrastructure landscape needs to be reorganised to accommodate and encourage investments in large projects. Speaking at the company’s Victoria Fall Stock Exchange (VFEX) listing ceremony held in Harare last week, chairperson, Michael Louis said commitment and support were required from both the private sector and the government. “It can only…
HWANGE Colliery Company (Hwange) says it plans to grow its market share of coking coal sales in neighbouring countries this year. The coal miner, currently under administration, previously said it is increasing inroads in regional markets such as Zambia, DRC, Malawi, Mozambique, Botswana and South Africa, which is however negatively affected by poor logistics. “Advanced…
GOVERNMENT says agriculture mechanisation investments will help transform the country’s farming landscape and contribute to economic growth. In January this year, a total of 1 635 tractors, 16 combine harvesters and other farming implements, including boom sprayers, valued at US$66 million, were commissioned in Harare by President Emmerson Mnangagwa and his Belarusian counterpart Aleksandr Lukashenko.…
CFI Holdings (CFI) says sales at its subsidiary, stockfeed manufacturer Agrifoods, dropped four percent during the five months ended February 28, 2023, indicating that consumers are reducing spending in reaction to low disposable incomes and rising inflationary pressures. As consumers struggle to afford basic products, their spending and shopping habits are changing. “Agrifoods’ performance was…
ZIMBABWE’S only exchange-traded Real Estate Investment Trust (REIT), Tigere Property Fund, says it expects increased hard currency collections, which will result in a higher proportion of US dollar dividends. During the first quarter ended March 31, 2023, the REIT, which was listed on the Zimbabwe Stock Exchange in November last year, declared an interim dividend…
CALEDONIA Mining Corporation (Caledonia) says it expects gold production to be between 75 000 and 80 000 ounces at Blanket Mine this year. The miner maintained its production guidance despite a 13 percent decrease in gold output to 16 036 ounces for the quarter ended March 31, 2023, due to plant failures and logistical issues,…
RIOZIM’S gold production for the year ended December 31, 2022 declined by 17 percent to 929kg from 1 122kg produced in the prior year as the group’s optimisation of its BIOX plant was blighted by power outages. In a statement accompanying audited financial results, RioZim chairman Saleem Beebeejaun said subsequent to the commissioning of the…
ECONOMIC experts have raised fresh alarm over the worsening volatility of the Zimbabwe dollar and the escalating re-dollarisation of the economy. Speaking to The Financial Gazette this week, they also called for all domestic transactions to be done in Zim dollars, while urging the government to tame its own huge appetite for the greenback to…
EXPERTS have warned that arbitrage opportunities stemming from Zimbabwe’s currency discrepancies and a confidence deficit stand in the way of the success of the reserve bank’s planned digital gold tokens. This comes as the central bank is set to issue gold-backed digital tokens next week to complement the issuance of physical gold coins, which have…
A HIGHER political risk could push Harare to keep monetary conditions tighter for longer to shore up the currency and prevent inflation from rising again, research firm Fitch Solutions (Fitch) has said. Authorities have tightened screws on money supply through higher interests, now pegged at 140 percent, and restricted cash circulation while keeping withdrawal limits…
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