Masiyiwa shoots to 89th on the UK rich list from number 159; wealth up by £913m

By UK correspondent ZIMBABWE born telecoms entrepreneur Strive Masiyiwa has moved to number 89 on the UK’s rich list, up from 159 last year. According to the Sunday Times Rich List for 2022, Masiyiwa’s fortune has grown to £2bn (US$2.5bn), growing by £913m  (US$1.14bn) over the past 12 months. The Econet group founder who grew

African Sun Hotels occupancy levels increase by 30%

By Alois Vinga LISTED hospitality management concern, African Sun Limited has seen occupancy levels across its segments recording 30% growth on the back of significant easing of Covid-19 related lockdowns both locally and abroad. At the peak of the Covid-19 pandemic in 2020, the hotel group saw its occupancy levels going up by 37% with

Sugar prices go up with immediate effect

By Thandiwe Garusa   SUGAR producer, Tongaat Hulett Zimbabwe, has increased sugar prices by more than 64% in the wake of government’s ban on lending by banks. The new prices are with immediate effect. In a statement, Monday, the sugar producer pegged sugar prices as follows: “The recommended selling price of a 1kg packet of brown

Caledonia gold output surges 40%

By Alois Vinga CALEDONIA Mining Corporation plc has recorded a new high in gold production as output 40% in the first three months of 2022. Latest update shows that the top miner recorded growth in both productivity and earnings during the review period. “The first quarter performance saw 18 515 ounces of gold being produced

WATCH: UK-based Diaspora Insurance now operating in 13 countries

By UK Correspondent DIASPORA Insurance company has now spread its operations to 13 countries, founder and chief executive Mr Jeff Madzingo has revealed. He was speaking at a recent networking event for Zimbabwean health and social care businesses which was held in Birmingham. Established ten years ago, the company provides specialist insurance and risk management

Oil and gas explorer sees fresh hydrocarbons potential at Muzarabani project Invictus Energy (IVZ) has seen some fresh potential for multiple stacked zones within the Mukuyu prospect. The Mukuyu Prospect, formerly called the ‘Muzarabani Prospect’, is part of the company’s 80 per cent-owned Cabora Bassa project in Zimbabwe. Seismic inversion results and quantitative analysis (QA) studies indicate strong potential for hydrocarbons within the Mukuyu structure.

Sable Chemicals to establish 400 megawatt power plant

By Staff Reporter TOP fertiliser manufacturer, Sable Chemicals, is set to construct a 400 megawatt plant to sustain its operations after it was switched off the national grid by ZESA. The company’s executive director special projects Allan Manhanga said the fertiliser manufacturer was currently undertaking a feasibility study for the power plant. “On the energy

RioZim gold production declines by 7% 

By Alois Vinga TOP gold miner, RioZim, has seen gold production for 2021 declining by 7% due to delays in completion of a key project strategic to the miner’s productivity. Presenting the group’s performance for the year ended December 31 2021, RioZim chairman Rashid Beebeejaun, said apart from the outstanding project, other issues also impacted

Prospect receives US$342,9 mln in Arcadia disposal, eyes new Zimbabwe project

By Alois Vinga PROSPECT resources Limited has received US$342,9 million payment for its Harare-based Arcadia project amid plans to shift focus to the exploration of near-by Step Aside project. In a recent update, the miner said conditions precedent relating to the transaction were progressed and subsequent to the quarter ending April 2022, Prospect completed the sale of

ZIPAWU demands reinstatement of dissolved Petrotrade board

By Alois Vinga THE Zimbabwe Petroleum and Allied Workers Union (ZIPAWU) has urged the government to urgently reinstate the Petrotrade board to save the company. Last month, energy minister, Zhemu Soda, suspended the nine-member board at the state-owned petroleum products retailer pending investigations into alleged bad corporate governance But the board chairperson approached the courts

First Capital Bank escapes US$1 million lawsuit

By Mary Taruvinga FIRST Capital Bank Limited has escaped a US$1 million lawsuit after the High Court dismissed an application by a local travel agent, Sharai Chimimba, who got arrested after the bank illegally withheld funds meant for her customers’ air tickets. The bank caused the arrest of Chimimba after it withheld about US$20 000 which

Shares in Invictus Energy close a whopping 21% up; firm developing Muzarabani gas project

By Invictus Energy Limited (ASX:IVZ) unveiled its financial and operational performance report for the quarter ended 31 March 2022. The Company is opening one of the last untested large frontier rift basins in onshore Africa, the Cabora Bassa Basin. Mukuyu Prospect drilling is anticipated to commence in July 2022. Shares of Invictus Energy Limited

Remote working hits property giant; firm laments low uptake of office space

By Alois Vinga FIRST Mutual Property (FMP), a subsidiary of First Mutual Holdings, has lamented the low uptake of space in the Central Business District (CBD) zone due to the adoption of remote working routines, prompting the implementation of tactical strategies to remain profitable. Presenting the subsidiary’s financial performance for the period ended December 31

Musk sells $4B in Tesla shares, presumably for Twitter deal

By Associated Press DETROIT: Elon Musk has sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter. Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from

UK-based Galileo Resources starts Zimbabwe exploration activities

By Galileo Resources PLC  says exploration work has started at the Kamativi lithium project and the Bulawayo gold project in Zimbabwe. The company has an option to earn an initial 51% interest in the two projects by spending US$1.5mln on exploration. It plans to start a reconnaissance mapping/sampling site visit imminently at Kamativi which is

Elon Musk to buy Twitter for $44B and take it private

By Associated Press Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he — the world’s richest person — promotes his interests, attacks critics and opines on a wide range of issues to more than 83

Zimplats injects US$500k in dairy sector revival bid

By James Muonwa, Mashonaland Correspondent PLATINUM mining conglomerate, Zimplats has invested over US$500 000 in refurbishing dairy milk infrastructure meant to train animal husbandry students at Gwebi Agricultural College in Nyabira, Mashonaland West province. The move is aimed at reviving Zimbabwe’s collapsed dairy sector by churning innovative graduates, who are able to run successful dairy milk

African Sun obtains order to acquire 5,2% shares in DPL

By Alois Vinga LISTED hospitality concern, African Sun Limited (ASL) has obtained a court order granting them greenlight to compulsorily acquire residual 5,2% shares whose owners had declined to dispose of in Dawn Properties Limited (DPL). Last year, ASL offered to buy 100% stake in Dawn Properties, through a share swap that entailed issuance of

Lafarge major shareholder declines to cede 76,45% stake

By Alois Vinga LISTED cement manufacturer, Lafarge Cement Zimbabwe’s major shareholder, Associated International Cement Limited (AICL), has declined an offer which could have resulted in it surrendering its 76,45% stake. In an update Wednesday, Lafarge advised its shareholders and members of the investing public on the withdrawal of an earlier cautionary announcement dated April 19

Prospect Resources completes US$377m sale of Zimbabwe lithium project

By Prospect Resources has advised the sale of the Prospect group’s 87% interest in the Arcadia Lithium Project to a subsidiary of new energy lithium-ion battery material producer, Zhejiang Huayou Cobalt Co., completed on 20 April 2022. As announced by Prospect on 23 December 2021, the Transaction was for a cash consideration of approximately