THE Reserve Bank of Zimbabwe (RBZ) says the country’s currency regime is partly to blame for current price increases of goods and services. The country is currently using the multi-currency system as it forges ahead with its five-year de-dollarisation plan. Speaking at a Zimbabwe Economic Forum meeting this week, economic research division deputy director at…
ZIMBABWE’s record tobacco haul this year is helping to drive up guarded optimism about the recovery of the country’s key agriculture sector and the wider economy. This comes after the country produced a record wheat harvest last winter, with another bumper yield of the cereal grain also expected this season. At the same time, the…
ZIMBABWE Platinum Mines’ (Zimplats) mammoth 10-year US$1,8 billion expansion programme comprising nine projects is rising out of the dusty but rich soils of Mhondoro Ngezi. The programme began last quarter of calendar year 2021 and US$1,4 billion of the projected total budget has already been approved by the Zimplats board and shareholders. Zimplats is a…
DEMAND for hard-rock lithium is forecast to increase 40-fold between 2022-2040, driven by global sales of electric cars and batteries, a US-based investment research firm has said. Soaring demand for hard rock lithium coupled with firm pricing comes as a huge windfall for Zimbabwe, which holds some of the world’s largest hard rock lithium reserves…
OLD Mutual says it is looking to invest a further US$12 million in an industrial park located in the Mhondoro-Ngezi mining area of Mashonaland West. Chief executive of the diversified group, Sam Matsekete, said the industrial park, dubbed Mining Support Solutions and with an initial outlay of US$3 million, was a response to a need…
TONGAAT Hulett South Africa (SA) says a vote on the company’s proposed business rescue plan has been postponed to September, to allow for additional details to be updated. The decision to go into voluntary business rescue came after what the sugar manufacturer termed significant challenges following years of high and increasing debt levels, alleged financial…
EDGARS Stores (Edgars) says its business recovery is premised on improved access to foreign currency through domestic sales to cover import requirements, a stable exchange rate and lower inflation. This comes as Zimbabwe has for some time battled with exchange rate disparities and a surge in inflation, which has negatively impacted business operations. “On the…
MASIMBA Holdings (Masimba) says its revenue for the first quarter of 2023 rose 19 percent to US$11,4 million, underpinned by a firm order book. The chief executive of the group, Canada Malunga, told The Financial Gazette on the sidelines of the company’s annual general meeting that all construction contracts are paid in a mix of…
DIVERSIFIED manufacturer Zimplow Holdings says it is well-placed to take advantage of the growth in the mining, agriculture, and infrastructure development sectors as it expands its business. This comes as the company is undertaking a strategic expansion of its branch network, particularly under its Trentyre business unit. “The Zimplow group is pursuing aggressive expansion plans…
ZIMBABWE’S milk production was up five percent to 30,13 million litres during the four months to April 2023, latest figures from the Agriculture ministry’s Dairy Services Department show. During the same period last year, production was 28,68 million litres. Chairperson of the Zimbabwe Association of Dairy Farmers (ZADF), Ernest Muzorewa, told The Financial Gazette that…
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