ZIMBABWE’S manufacturing sector is asking for changes to the country’s duty regime, which it says impedes the importation of critical raw materials and gives an unfair advantage to importers of finished products. According to local industrialists, the country currently allows the duty-free importation of certain semi-finished and finished products, while local processors of the same…
CALEDONIA Mining Corporation (Caledonia)’s capital expenditure at its bullion asset ― Blanket Mine ― is now expected to be US$27 million in 2022, due to the urgent need to remedy the poor electricity supply and upgrade workers’ dwellings. At peak capacity, Zesa Holdings (Zesa) produces less than 70 percent of the national demand for power…
The widening gap between the official and parallel market exchange rates has created valuation and accounting difficulties, Fidelity Life Assurance (Fidelity) has said. It comes as a scarcity of foreign currency on the Reserve Bank of Zimbabwe (RBZ) auction system has pushed demand for the greenback on the parallel market, widening the ZWL’s discount. “The…
INDUSTRY and commerce minister, Sekai Nzenza says the government is working on a new Commerce Sector Development Strategy that will usher in an improved environment for businesses, as the country targets an US$8 billion manufacturing and commercial industry. This comes after the manufacturing sector increased its contribution to the gross domestic product (GDP) by almost…
NATIONAL Foods Holdings (NatFoods) was the best returning counter on the Zimbabwe Stock Exchange (ZSE) in October, with gains of 135 percent. The stock gained $919 to close the month at $1 600 per share. It was bested only by CFI Holdings (CFI), which gained 8 260 percent on its return since a 2018 suspension.…
FIDELITY Printers and Refiners (FPR), the sole buyer and exporter of refined gold in Zimbabwe, is seeking an allocation of US$50 million under the 2022 National Budget, for its Gold Mobilisation Initiative Fund (GMIF). FPR has so far expended at least $1,7 billion in working capital loans under the GMIF to small-scale miners to enhance…
BRITISH American Tobacco Zimbabwe (BAT)’s export volumes rose by 44 percent during the nine months to September 30, 2021 on the back of increased demand. Overall, the tobacco processor recorded a volume growth of 32 percent, versus the same period last year. BAT chairman Lovemore Manatsa said this came as the operating environment was improving,…
ZIMBABWE is making marginal yearly increases in the volumes of locally-produced tobacco that it processes into cigarettes, as the bulk of the golden leaf makes its way into the export markets in its primary form. According to Tobacco Industry Marketing Board (TIMB), in 2018 Zimbabwe processed 1,06 percent of the crop produced, while in 2019…
ZIMBABWE’S trade development and promotion body, ZimTrade, says the manufacturing sector needs affordable long-term financing to compete in the African Continental Free Trade Area (AfCFTA). ZimTrade director for operations, Similo Nkala, told the Confederation of Zimbabwe Industries’ annual congress last week that lack of such financing facilities had pushed Zimbabwean manufacturers behind regional industries. “It…
BORDER Timbers Limited (BLT), which is under judicial management, is struggling to shake off the Covid-19 spell as disruptions in production from last year continue to cause logistical bottlenecks for the milling and timber processing firm. In a trading update for the year ended June 30, 2021, BTL judicial manager Peter Bailey said that though…
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