ZIMBABWE’S platinum output is estimated to have increased by 11 percent, year-on-year, during the third quarter of 2023, reaching 129 000 ounces (oz), an all-time high, according to the World Platinum Investment Council’s (WPIC) latest report. The growth came from Zimplats, which realised additional volumes from its new concentrator plant. “Output from other producers, Unki…
Mick Schumacher will race in the World Endurance Championship for Alpine next season.Advertisements The 24-year-old German, son of seven-time F1 world champion Michael, will remain as Mercedes’ F1 reserve driver for a second year. “I sorely missed racing this year. It’s what I’ve loved to do since I was a kid,” said Schumacher, who lost…
SANDAWANA Mine (Sandawana) says it is holding talks with potential partners to raise about US$220 million to start further beneficiation of spodumene concentrate.Advertisements Sandawana was previously one of the world’s largest emerald mines, but closed years ago after production fell and markets dried up. Kuvimba Mining House (KMH) now intends to restart the mine as…
IN September, Fitch Solutions revised downwards its forecast for Zimbabwean credit growth to 200 percent in 2023, from 220 percent previously, reflecting the slight strengthening of the Zim dollar following…
TURNALL Holdings (Turnall) remains focused on its strategy to re-capitalise its factories, enhance production efficiencies and contain costs. This comes as the construction materials manufacturer is currently investing in several projects, which are expected to be operational next year. In a trading update for the quarter ended September 30, 2023, Turnall said the acquisition of…
FIRST Mutual Holdings (FML) says its inflation-adjusted insurance contract revenue (ICR) rose 103 percent to $414 billion in the nine months ended September 30, 2023. “The year-on-year growth in the ICR was driven by the continued revaluation of insurance policy values to match inflation and exchange rate movements to ensure adequate cover for clients, as…
EXPERTS say businesses can demonstrate their commitment to ethical business practices and reduce the risk of facing tax audits by investing in robust transfer pricing documentation. Transfer pricing refers to the pricing of goods, services and intangible assets transferred between related entities within a multinational company. It is an important issue for tax authorities as…
FIRST Mutual Properties (FMP) says its Arundel Office Park project is now 75 percent complete and will be commissioned within four months. It also comes as a number businesses have moved their offices from Harare’s central business district to avoid congestion and traffic. “This is significant to the group, the shareholders and other key stakeholders…
SIMBISA Brands (Simbisa)’s cooking oil consumption declined to 2,61 million litres during the year ended June 30, 2023, compared to 2,86 million litres in the comparable period. Advertisements Meats, starches and oils are among the ingredients that the regional fast-food restaurant operator uses in its daily operations. The Victoria Falls Stock Exchange-listed group’s oil usage…
DELTA Corporation (Delta) says consumer spending has continued to be buoyant, driven by stable US dollar pricing, improvements in wages and salaries across various sectors, and election related spending. This comes as the beverages manufacturer reported that group revenue increased by 164 percent to $1,9 trillion in inflation adjusted terms compared to a growth of…
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