FREDA Rebecca Gold Mine’s (Freda) managing director, Patrick Maseva-Shayawabaya, says Kuvimba Mining House (KMH) has expended US$25 million towards re-capitalisation of the mine since it took over operation in 2020. The government owns 65 percent of KMH, which has three bullion-producing assets under its wings – Freda Rebecca, Shamva Gold Mine, and Jena Mines. Shayawabaya…
HWANGE National Park is set to undergo a major facelift which will see the construction of a visible informative park entry gate, road network rehabilitation, and new staff accommodation for rangers. This comes as the International Fund for Animal Welfare (IFAW) and Parks and Wildlife Management Authority of Zimbabwe (Zimparks) recently signed a 25-year memorandum…
STATE-owned telecoms operator TelOne says delays in approval of US dollar-indexed tariffs are threatening the viability of the industry. In a trading update released after the company’s annual general meeting last week, TelOne said the delay comes amid acute operational challenges owing to exchange rate volatility and the consequent impact on the debtors’ book. “The…
BUSINESS has pledged to lobby against economic sanctions imposed on Zimbabwe by some Western countries, which it says have dented the country’s investment appeal and its debt profile. This was one of the resolutions at Zimbabwe National Chamber of Commerce’s (ZNCC) congress in Victoria Falls last week. Speaking to The Financial Gazette on the sidelines…
CONSULTATIONS for new regulatory standards for the construction of new green buildings in the country have commenced and are being spearheaded by the government in partnership with the Green Building Council of Zimbabwe. The United Nations Climate Technology Centre and Network (CTCN) is also providing technical support for the programme. The existing model building by-laws…
AMID visible vexation among senior government officials about the state of the country’s economy, business leaders want authorities to ramp up their recent prudent policy interventions. At the same time, a visiting economic expert from Kenya has added his voice to the growing chorus of sentiments calling for broader use of the under pressure Zimbabwe…
BINDURA Nickel Corporation (BNC) says its capital expenditure increased by US$1,8 million to US$8,3 million during the year ended March 31, 2023, driven by a programme to replace old and unreliable underground mining equipment. The Victoria Falls Stock Exchange-listed miner said the capital expenditure was being funded from bank loans and internal cash flows. The…
CFI Holdings (CFI) says it will concentrate on improving its procurement methods due to the unpredictability of grain supply and pricing in the country. The agro-industrial group’s chairperson, Itai Pasi, welcomed policy measures put in place by the government to promote the liberalisation of grain marketing to the benefit of millers, farmers and ultimately the…
ZIMPLOW Holdings (Zimplow) is upbeat about its future as it prepares to migrate to the Victoria Falls Stock Exchange (VFEX), while it pursues a new original equipment manufacturer (OEM) after its exit from Caterpillar distributorship. The diversified group believes listing on the US-dollar denominated exchange will also help the company to penetrate the regional market…
NAMPAK Zimbabwe (Nampak) says the tight liquidity in the economy has affected its ability to restock raw materials on time. The market has been experiencing constrained liquidity after authorities enforced measures to stabilise the economy, with companies failing to access funding and maintain adequate cash flow levels. “Although foreign currency inflows improved over the period,…
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