THE Zambezi River Authority (ZRA) has given Zimbabwe the greenlight to increase power generation at Kariba Power Station, as work to rehabilitate the dam’s plunge pool is almost complete. Zimbabwe is currently allowed to generate at least 550 megawatts (MW) per day at the hydropower plant it shares with Zambia. During the last quarter of…
THE Zimbabwe Energy Regulatory Authority (Zera), says it will this year cancel licences for renewable and thermal Independent Power Producers (IPPs) who have been sitting on operating permits for years without developing their plans. This comes as Zimbabwe is currently facing crippling power shortages affecting both industrial and domestic users. Zera chief executive Edington Mazambani…
CALEDONIA Mining Corporation (Caledonia) says total gold production at its flagship Gwanda-based Blanket Mine reached a record 67 476 ounces in 2021. This was an increase of 17 percent on the 2020 annual production, and exceeded the company’s revised projections for the year. In a trading update for the quarter ended December 31, 2021, Caledonia…
ECONET Wireless (Econet) and Innscor Africa (Innscor) are among the recommended top picks on the Zimbabwe Stock Exchange (ZSE) during the first quarter of the year, a financial services firm has said. According to an Old Mutual Securities (Omsec) report, Axia Corporation (Axia), Edgars Stores (Edgars) and Starafrica Corporation (StarAfrica) are all long-term buys. The…
THE late onset of the rains this season could affect the quality of the country’s cotton output because of late planting, the Cotton Company of Zimbabwe (Cottco) has said. In a trading update last week, the cotton company said the late rains had resulted in a sizable crop being established 1-2 months later than normal.…
AT THE beginning of this year, Morgan & Co launched Zimbabwe’s first actively managed Exchange Traded Fund (ETF), which was also the country’s third derivative to trade on a mainstream exchange. The Financial Gazette’s Deputy News Editor Omega Ukama (OU) caught up with the investment bank’s executive director, Davide Muchengi (DM), to get insights on…
THE government says investors seeking to convert agricultural land to forestry production must seek special regulatory approval from the Agriculture ministry. In a statement this week, the Agriculture ministry said all forestry joint ventures (JVs), registered or unregistered with the ministry, must be submitted by February 15, 2022. “Where conversion of agricultural land (such as…
THE Zimbabwe National Chamber of Commerce’s (ZNCC) launched its inaugural State of Industry and Commerce Survey last month in partnership with The Financial Gazette and the Friedrich Naumann Foundation for Freedom. ZNCC vice president Mike Kamungeremu (MK) speaks to our Senior Staff Writer Farai Mabeza (FM) to explain the thinking behind the survey, its outcomes…
COMPANIES listed on the Zimbabwe Stock Exchange (ZSE) are expanding into the region to position for “real growth”, leveraging on the new market’s improved business environment to increase revenue and volumes in the wake of disruptions and threats still posed by Covid-19, inflation and the exchange rate. This comes as foreign currency challenges, high inflation…
AIM-listed Caledonia Mining Corporation has announced the transfer of a total of 76 530 common shares to outgoing chief executive Steve Curtis and chief financial officer Mark Learmonth. This follows the maturing of long-term incentive plan awards this month which were made under the 2015 omnibus equity incentive compensation plan of the company. In a…
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