Companies

Companies

Edgars Stores defies setbacks, revenue up 94, 8%

 By Business Reporter CLOTHING retailer Edgar’s Stores has seen revenues go up by 94, 8% posting a sound performance despite the obtaining raft of challenges bedevilling the economy. Presenting the group’s performance for the period that ended January 7 2024, the company said total retail merchandise revenue amounted to ZWL244, 8 billion representing a 94,8%

Kavango discovers positive output at Hillside gold asset

By Alois Vinga Kavango Resources Plc has discovered promising results at its gold project in Southern Zimbabwe in a development that has further pushed the entity’s stock price by 12%. The top miner has sustained a track record of delivering projects and creating shareholder value in Africa. Alongside its specialist partners, Kavango uses state-of-the-art exploration

UK-based Diaspora Insurance launches innovative group funeral insurance

By Staff Reporter GLOBAL insurance and risk management company, Diaspora Insurance, has launched new products as the UK-based firm pursues relentless innovation to meet the evolving needs of its worldwide clientele. The company’s ground-breaking and widely popular Diaspora Funeral Cash Plan changed the narrative of the traditional coffin-and-bus approach to funeral insurance to hard currency

Sasfin CEO Michael Sassoon says it is unjust for banks to be held liable ‘for taxes that their clients have failed to pay’. Image: Moneyweb

SARS targets Sasfin over dealings with alleged ‘Gold Mafia’ clients

The South African Revenue Service (Sars) has a R4.87 billion target on Sasfin Bank’s back. This week it issued summons against the bank for two damages claims of R1.97 billion and R2.9 billion, arguing that several of its clients were assisted by bank staff in unlawfully shipping billions of rands offshore. Sasfin responded on Tuesday,

Google vice president James Manyika joins AirBnB board

By UK Correspondent GLOBAL online short and long term rental firm AirBnB has appointed Artificial Intelligence (AI) expert James Manyika to its board with the San Francisco-based company looking to benefit from his expertise as AI fundamentally reshapes society. Currently senior vice president at Google, Manyika is one of the world’s leading experts in AI.

Bard clinches new deal with InnBucks

By Staff Reporter BARD Santner Markets Inc, a local financial institution, has signed an agreement with leading online payment platform InnBucks Microbank Limited to leverage on each other’s strengths to boost market share in an increasingly competitive Zimbabwean remittance business environment. This comes hard on the heels of another deal signed by Bard and Kuvacash

Kuvimba Mining House to inject US$1 million in Zisco Steel

By Alois Vinga KUVIMBA Mining House will inject US$1 million into ZISCO’s resuscitation strategy mainstreamed under the Mining Project and Steel Project in a development that is set to unlock opportunities for several businesses in the value chain. The Zimbabwe Iron and Steel Company (ZISCO) was the largest steel works in Zimbabwe employing about 5,500

Premier African Minerals completes Zimbabwe lithium plant, production imminent

By Reuters HARARE: Premier African Minerals (PREM.L) said on Wednesday it had finished building a lithium processing plant at its Zulu mine in Zimbabwe and expected to start production of spodumene concentrate later this week. Spodumene is a lithium ore with high concentration of lithium, a key component in the production of batteries for electric vehicles.

UK-based Marula Mining set to tap into Zim’s Lithium resource

By Alois Vinga ENGLAND based mining investor, Marula Mining PLC – Haywards Heath has tabled plans to establish a new mining subsidiary in Zimbabwe which will focus on the fast growing battery metals sector. The mineral resource rich Southern Africa nation has the largest lithium deposit on the continent amid expectations that it can do better from

US-based inDrive launches in Harare as Zim becomes 8th Africa operation for tech company

By Darlington Gatsi  UNITED STATES based mobility company, inDrive, has made inroads into the country after launching their ride hailing services in Zimbabwe. The Harare launch  makes Zimbabwe the eighth country in Africa that inDrive has expanded its footprints. In a statement released Wednesday inDrive said the company’s Harare launch will offer locals transport options for mobility. “This

Tech firm launches new online store; says Zimbabwe can grow digital economy

By Staff Reporter A LOCAL information and technology company says Zimbabwe has the ability to tap into online business, in the process of digitalising the country’s economy through embracing scientific knowledge. This comes as ZimhHost Webdesigners introduced digital commerce platform Own Your Online Store (OyOs). OyOs offers a platform for consumers to purchase goods online through a WhatsApp

London-listed Contango completes construction of pilot coke battery at Zim project

By Mining Review Africa Contango Holdings has advised that construction of a small-scale coke battery has been completed at the Lubu Coal Project in Zimbabwe. The pilot coke plant has been constructed to provide on-site capability to manufacture coke from washed coking coal produced at Lubu for testing by future offtake partners and for the

Caledonia Mining Corporation says gold resource base up 52%

By Alois Vinga CALEDONIA Mining Corporation Plc says its gold resource base has increased by 52% on the back of lucrative surging gold output as the miner’s productivity profile continues to surge. The company said it has boosted the gold resource base at its 64%-owned Blanket Mine in Zimbabwe. The total measured and indicated resources estimate

UK-based Vast Resources commends Zim Govt as share shoots on diamond row deal

By Alois Vinga LONDON based mining and resource development company, Vast Resources has hailed President Emmerson Mnangagwa’s administration for commitment in resolving legacy issues at a time when the miner’ share price has gone up. This follows the successful resolution of the firm’s trapped diamonds saga which has dragged on since 2009. The gems have

Ecocash Holdings targets US$ denominated transactions

By Alois Vinga LISTED mobile money transfer platform, Ecocash Holdings Zimbabwe Limited (EHZL) is set to increase US$ denominated transactions in response to current economic dynamics. The development comes at a time when the circulation of foreign currency in conducting formal transactions is on the rise. In an update Tuesday, EHZL company secretary, Charmaine Daniels

Problems mount for Lafarge, requests three months’ suspension from ZSE

By Alois Vinga PROBLEMS continue to mount for Lafarge Cement Zimbabwe (LACZ), prompting the company to request three months’ suspension in trading from the Zimbabwe Stock Exchange (ZSE) to address in-house challenges. This is due to a recently concluded deal by Fossil Mines to buy a 76% stake in LACZ which was stalled for economic

Kuvimba banking on mining proceeds to revive mothballed Ziscosteel

By Staff Reporter STATE- owned Kuvimba Mining House (Kuvimba) is banking on its mining proceeds to revive the defunct steelmaker, Ziscosteel. Ziscosteel, once a leading steel manufacturer, has been idle for over over a decade with its demise attributed to the pressures of Zimbabwe’s shattered economy, gross mismanagement and corruption. Kuvimba, in a statement, said

Caledonia Mining completes takeover of Bubi-based Bilboes gold; Gapare joins board as Exec Director

By Agencies CALEDONIA Mining has announced finalisation of the acquisition of Bilboes Gold Limited, the parent company which owns, through a subsidiary, the Bilboes gold project in Zimbabwe. Commenting on the news in a statement, Mark Learmonth, the company’s chief executive officer, said: “Completion of the Transaction is the cornerstone in Caledonia’s strategy to create a mid-tier, multi-asset

Zim tech company acquires SA, Moz and  Botswana IT firms

By Reason Razao Zimbabwe’s Tano Digital Solutions Group has acquired control of South African-headquartered IT company, Altron Botswana and Altron Mozambique. The move has set the information technology communication company on a trajectory to become one of the biggest tech companies in the region. Wallen Mangere, Tano managing director, commended the recent acquisitions, saying the