By Alois Vinga ZB Financial Holdings (ZBFH) has floated an offer for Mashonaland Holdings (MASH) minority shareholders to surrender their stake in the reputable property concern. In a notice to MASH minority shareholders, ZBFH chairperson Pamela Chiromo revealed that the latter reached a control block in the entity following cancellation of 179 489 938 ordinary shares that
By Staff Reporter Hwange-based coke processing entity, Hwange Coal Gasification could soon face restructuring after the High Court dismissed its application challenging Justice minister’s decision to place it under reconstruction order. The company is a joint venture between Hwange Colliery Company and Taiyuan Sanxing of China. Court heard in October 2018 government announced that it
By Reuters HARARE: Tharisa Plc has raised $31.8 million through a bond issue in Zimbabwe to go towards the construction of a $391 million platinum group metals (PGM) mine in the southern African country, the company said on Monday. Tharisa, a South Africa-based PGM and chrome co-producer, had planned to raise $50 million to partly
By Agencies Galileo Resources PLC said it has identified four target zones with potential for pegmatite-hosted lithium, tin and tantalum at the Kamativi lithium project in southwest Zimbabwe. The targets were identified in a detailed reconnaissance mapping and sampling programme. Galileo has a 29% interest in the project, held through its stake in BC Ventures, along with
By proactiveinvestors.co.uk UK-BASED Galileo Resources PLC (AIM:GLR) said it has identified three priority gold and nickel exploration targets originally generated from an airborne geophysical survey over the Bulawayo gold project in Zimbabwe. The three targets that have been prioritised are at Queens West, Bembeshi Nickel and Bembeshi Gold. Galileo has a 29% interest in Bulawayo, held
By Mining Weekly Karo Mining, an 85%-owned subsidiary of JSE- and LSE-listed platinum group metals (PGMs) and chrome co-producer Tharisa, reports that the subscription closing date to raise $50-million by way of introduction on the Victoria Falls Stock Exchange (VFSX) has been extended. Karo Mining has received strong interest in the bond from certain institutions in the final internal
By Reuters London-listed Contango Holdings plans to start exporting thermal coal early next year from its Zimbabwe mine following requests from customers in Europe and Asia, the company said on Wednesday. Zimbabwe’s neighbour South Africa saw an eight-fold increase in coal exports to Europe during the first half of 2022, after the European Union banned
By Alois Vinga LISTED financial services provider, First Capital Bank (FCB) has backed the ongoing economic stabilisation measures for reigning in spiralling inflationary pressures on the back of the bank’s income levels increasing to ZW$29 billion. This comes on the back of a raft of measures employed in the year’s first half to curb both
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By Alois Vinga LISTED roofing and construction products manufacturer, Turnall Holdings says its Harare Fibre Cement Plant which is currently underway will be ready for production next year, in a development which will go a long way to spur productivity. In a trading update for the third quarter ended September 30 2022, Turnall board chair,
By Alois Vinga LISTED hospitality group, African Sun Limited’s (ASL) occupancy reached 45% in the first nine months of the year on the back of increased business volumes which comes at a time when the group is undertaking refurbishments of its hotels. Despite Covid19 induced setbacks which reversed the sector’s gains, the tourism industry has
By Capital FM NAIROBI: Stanbic Bank Kenya and South Sudan Chief Executive Charles Mudiwa will retire after two-decades with the Bank effective December 31 2022. Under Standard Bank Group, Africa’s largest bank by assets in 20 Sub-Saharan Africa markets, Charles has served in various capacities. His previous roles as Executive Director and Chief Executive spans
By Darlington Gatsi VICTORIA Falls stock exchange listed gold producer, Caledonia Mining corporation, has erected a solar power plant at Blanket Mine which began generating power yesterday, to hedge itself from electricity challenges that are gripping the country. The country is currently experiencing power shortages, which have seen some households go more than six hours
By Agencies Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL)’s revenues rose by 21% in the latest quarter as production from its Blanket gold mine hit another new record. The Zimbabwe-focused miner said production this year is on course to hit the top end of its 73,000-80,000oz guidance after output rose 11% to 21,200oz in the three months
By Staff Reporter Li3 Lithium Corps has raised $1,6 million following the successful sale of 16,050,000 units of its stock shares. The company is an exploration and project development entity with a plan to acquire an attractive portfolio of highly-prospective lithium exploration projects worldwide. The initial non-brokered private placement previously announced on 21 October 2022 saw the
By Associated Press NAIROBI: Pilots working for Kenya’s national airline have been on strike for three days over a demand to honor a retirement savings plan, and it is estimated to be costing millions of dollars in losses daily. Kenya Airways said it canceled 56 flights over the weekend, affecting 12,000 passengers. The airline puts
By Proactive Investors Caledonia Mining Corporation PLC has bought Motapa Mining, which holds a registered mining lease over exploration property in Southern Zimbabwe adjacent to the Bilboes gold project, which it is in the process of acquiring. No price was disclosed but it was below the regulatory disclosure threshold, Caledonia said. Privately owned Bulawayo Mining
By Gilbert Nyambabvu *Support independent Zimbabwean journalism through this link Support – NewZimbabwe.com. For news tips WhatsApp us on +44 7535806404, +263 773 066 975 THE founder and chief executive of Zimbabwe Innovation and Legal-Tech Association (ZILTA) Rutendo Mugadza-Mugwagwa has been nominated for the Female Innovator of The Year gong at the 2022 Africa Tech
By Breaking News Ireland The formal gold mining sector in Zimbabwe is really dominated by one mining player – Caledonia Mining Corporation. But this is set to change. A company previously focused on oil and gas has changed its name and is looking to establish a prominent mining position in the country with a strategy
By Reuters South Africa’s Tharisa Plc plans to spend $391 million on developing a 194,000 ounce per year platinum group metal (PGM) mine in Zimbabwe, chief executive Phoevos Pouroulis said on Wednesday. Tharisa, a co-producer of chrome concentrates and PGMs in South Africa, owns 70% of Karo Mining Holdings, developer of the Karo PGM project
