NAMIB Minerals has secured a US$6,5 million non-dilutive term loan from BancABC to partially fund the next phase of its Redwing Mine restart in Manicaland. The facility, secured by the company’s wholly owned subsidiary, Bulawayo Mining Company, has been consolidated with existing term loan and overdraft facilities into a single facility. Namib said the funding…
RIOZIM Limited is seeking shareholder approval to dispose of its Renco gold mine for at least US$35 million as part of a balance sheet restructuring programme aimed at reducing debt and improving liquidity. The proposed transaction involves the sale of Renco as a going concern to an unrelated third party, including its mining claims, land,…
TONGAAT Hulett (THL) says its Zimbabwean operations have achieved “greater stability,” while floods in Mozambique and import pressure in South Africa continue to weigh on the group’s regional recovery. THL group finance director Robert Aitken said the progress in Zimbabwe, where Tongaat operates through sugar producer Hippo Valley Estates and Triangle, was in line with…
THE government will stop approving budgets for councils that fail to produce up-to-date financial statements as it seeks to make local authorities drivers of investment and economic development. Local Government permanent secretary Tafadzwa Muguti told council executives that outdated accounts would prevent local authorities from accessing new allocations. Muguti said some councils were three to…
THE Association of Healthcare Funders of Zimbabwe (AHFoZ) is pushing for tighter control of healthcare costs through the use of artificial intelligence (AI), managed-care models and regional skills exchange programmes. AHFoZ chief executive officer Shylet Sanyanga said the association would use regional partnerships to build skills in technology and improve efficiency and treatment outcomes. “The…
THE Securities and Exchange Commission of Zimbabwe (SecZim) is stepping up investment in digital systems as it seeks to improve market surveillance, reduce compliance costs and increase investor participation in the capital markets. The regulator is moving away from traditional systems that rely heavily on manual analysis of market trends and is working towards real-time…
BULAWAYO-BASED agro-processor Buntu Foods has expanded its market share by focusing on drought-resistant indigenous foods and alternative stock feeds to counter climate-driven grain shortages. Operating from the Belmont industrial area,…
PRIOR to its acquisition of Montclair Resort and Conference (Montclair), in Juliasdale, Nyanga, less than 18 months ago, Rainbow Tourism Group (RTG) had no hotel operation in the pristine Eastern Highlands. Purchased at US$5 million from Briolette Services early last year, Montclair, a then 85-room hotel facility came together with a desolate staff quarter of…
ZIMBABWE needs to develop integrated industrial ecosystems and strengthen incentives for local production to retain more value within the economy, government officials have said. Speaking in Harare during a tour of Zent Enterprises Manufacturing Plant, Energy minister July Moyo said the development of Dinson Iron and Steel Company (Disco) demonstrated the benefits of linking investments…
COUNTERFEIT goods being packed and sold under borrowed brand names are exposing gaps in regional consumer protection as regulators often rely on complaints to identify products already circulating, officials have said. The COMESA Competition and Consumer Commission, which is based in Lilongwe, Malawi and covers member states from Eswatini to Kenya, says its ability to…
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