Bloomberg CALEDONIA Mining Corp., is interested in buying one of Zimbabwe’s largest gold operations as it embarks on an aggressive plan to acquire more assets in the country, according to a person familiar with the details. The Jersey-based gold producer is weighing an acquisition of Bilboes Gold Ltd.’s Isabella-McCays-Bubi mines, in northwest Zimbabwe, said the
By Alois Vinga THE Competition and Tariffs Commission (CTC) has issued a stern warning against manufacturers who are in the habit of setting maximum selling prices for retail and wholesale outlets highlighting that such practices contradicted the set law. The remarks are a slap in the face for members of the public who expect authorities
By Alois Vinga THE Victoria Falls Stock Exchange Limited (VFEX) has signed a Memorandum of Understanding (MOU) with the central bank on the clearance of foreign currency transactions services. In an update, VFEX chief executive, Justin Bgoni said the MOU marks one of the last steps to pave way for the stock market’s opening. “The
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction Tuesday allotted a total US$29.2 million to participating companies amid calls by labour for government to rein in errant businesses violating exchange rates in their pricing. The US dollar continued to trade at last week’s exchange rate of $81.34, signifying sustained stability .
By Business Reporter CALEDONIA Mining Corporation has signed an agreement with the Zimbabwe government under the global miner will evaluate mining rights, properties, and projects in the gold sector controlled by the state. The deal is to assess the potential to advance development on these properties or projects. Caledonia said it believed Zimbabwe is a
By Alois Vinga LISTED milk processor, Dairibord Zimbabwe Limited (DZL) recorded a 6 % decline in raw milk intake as the national milk production decline took a toll on operations during the half year period ended June 30, 2020. Company board chairperson, Josphat Sachikonye said this week that despite the decline in raw milk intake,
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) 15th foreign exchange auction Tuesday allotted a total US$24.5 million worth of foreign currency as the Zimbabwe dollar gained by ZW$0.05 cents against the US dollar. At the close of the auction, the exchange rate stood at ZWL$81.44 against US$1, slightly lower than the exchange rate of
By Makanaka Masenyama ZIMBABWE could have lost between US$500 million and US$1 billion during the closure of the tourism sector due to the devastating coronavirus lockdown, the Zimbabwe Tourism Authority (ZTA) has estimated. In an interview with NewZim TV’s Business Brief on NewZimbabwe.com, ZTA spokesperson Godfrey Koti said the pandemic had a crippling impact on
By Alois Vinga TOTAL fixed voice traffic registered a 28 % decline as corporate companies adopted data-based communications that have seen most work being done from home; the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has reported. According to POTRAZ’s second quarter of 2020 report, the huge decline was also prompted by the Covid-19
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By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed industrial holdings group, Tobacco Sales Limited (TSL) says earlier tobacco output for this year will be much lower than the earlier anticipated projections. Last year, a total 258 million kgs were realised in the entire selling season and earlier projections at the back of a later start
Bloomberg Zimbabwean authorities are in discussions with several international investment banks to support a new stock exchange that will trade exclusively in foreign currency, Finance Minister Mthuli Ncube said. “The interest has been huge,” Ncube told an analyst briefing. He declined to give further details. Yvonne Mhango, sub-Saharan Africa economist at Renaissance Capital, told the
By Alois Vinga THE Zimbabwe dollar continues to strengthen for the third time in successive weeks against the United States dollar amid sustained exchange rate stability, closing Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign exchange auction at ZWL$81.70 from last week’s ZWL$82.70. The local currency first gained against the US dollar two weeks ago. This
By Alois Vinga THE NATIONAL Social Security Authority (NSSA) is set to dispose of its 35.09% stake in Fidelity Life Assurance (FLA) to Zimre Holdings Limited (ZHL). A recent circular confirms Zimre has entered into an agreement with NSSA for the purchase of its 35.09% stake in Fidelity. ZHL already holds 20.57% of the life
By Alois Vinga MEIKLES Limited has bemoaned the impact of increased tea production by players in East Africa as this has negatively affected international tea prices prompting reduced revenue for local producers. Presenting the financial results for the year ended March 31, 2020, the group’s chairperson, John Moxon said tea prices were affected by increased
By Alois Vinga THE RESERVE Bank of Zimbabwe (RBZ) Foreign Exchange Auction Tuesday closed trading at a rate of ZWL$83.32, which was seven cents lower than last week’s premium against the US dollar. A trading update released at the close of business showed that the officially accepted exchange rate was ZWL$83.32, down from ZWL$83.39 arrived
Reuters Sales of Zimbabwe’s tobacco, the second largest foreign currency earner, fell 23.52% to 178.7 million kilograms this year, official data showed on Monday, after production was affected by lower rainfall. The tobacco auction season, which ended on Friday, traditionally leads to improved foreign exchange inflows in the southern African nation as buyers bring in
By Alois Vinga ZIMBABWE Stock Exchange listed diversified firm ART Corporation’s sale volumes went down 17 % due to restrictive measures which choked the smooth flow of business. In a recent trading update, the group’s company secretary, Abisai Chingwecha said sale volumes went down in many of the business segments. “The group’s overall volumes for
By Robert Tapfumaneyi THE Consumer Council of Zimbabwe (CCZ) reports that some basic commodity prices in the country went down during the month of June this year. The basic commodities considered include cooking oil, bread, washing powder, salt and flour. According to CCZ, the monthly basket for a family of six increased to more than
Bloomberg News Zimbabwe’s benchmark stock index has slid by 21% since the government allowed trading to resume just over two weeks ago, with traders attributing the slump to foreign investors cutting their holdings. The Zimbabwe Industrial Index had surged almost 700% in 2020 before trading was halted on June 26 by authorities who blamed dealing
