Caledonia’s Blanket Mine lifespan extended on increased exploration

00HARARE – Canadian based mining firm, Caledonia Mining Corporation says due to increased exploration activities, it has identified additional gold reserves at its Blanket Mine, which will extend its lifespan. The mining firm owns 49 percent stake in Blanket Mine in Gwanda, Matabeleland South province. “Today’s resource upgrade is yet another positive step in our…

Econet considering debentures to equity conversion

00HARARE – Econet Wireless Zimbabwe could be considering a debenture to equity conversion, people with knowledge in the matter have said. This comes after the group issued a cautionary statement to shareholders in which it said it was engaged in discussions and is considering various proposals, which if implemented may have a material impact on the…

Zimbabwe secures $250mln line of credit for importation of essential goods

00HARARE – Zimbabwe has secured a $250 million line of credit from a United Kingdom investment fund (Gemcorp), which will be used for the importation of essential goods. The facility comes as part of efforts by the Reserve Bank of Zimbabwe to bridge the forex gap, which is created when the tobacco selling season ends….

Safe banking model but with more aggression says Barclays

00HARARE – Barclays Bank of Zimbabwe says it is now hungrier for business, now closer to the markets and therefore more responsive to opportunities that the group was not quite positioned to take advantage of, when it was still a part of the bigger Barclays Plc. Speaking on FinXLive  (https://vimeo.com/286130312), Barclays CEO Sam Matsekete said the group, which will soon…

Growth in unit sales at Farmec and parts sales at Barzem boost Zimplow H1

00HARARE – A 100% increase in Farmec’s revenue offset the downturn in Mealie Brand to ensure that Zimplow Holdings reported a 38% growth in turnover in the six months to June 30, 2018. Farmec, which distributes various farming implements brands, reported doubled revenue of $7.7 mln from $3.8 mln after tractors sold increased to 95…

Seed Co to seek a review of BSE fungibility conditions

00HARARE – Seed Co will seek for a review on its share fungibility status as the current approvals for fungibility were done before Government made changes to the Indigenisation Act.  This comes as shareholders yesterday approved the partial unbundling, capital raise and separate listing of Seed Co International on the Botswana Stock Exchange. In terms…

May inflation remains steady at 2.71% despite rising food prices

HARARE – Zimbabwe’s inflation rate for the month of May remained unchanged at 2.71 percent, despite the 4.77 percent rise in the food basket which constitutes 31.98 percent weight in the consumer price index, data released by Zimstats Tuesday shows. “The year on year food and non-alcoholic beverages inflation prone to transitory shocks stood at…

Proplastics grows topline 14% as factory efficiencies yield competitive edge

Proplastics grows topline 14% as factory efficiencies yield competitive edge HARARE – Proplastics says continuous investments in plant and equipment over the years is now producing desired results after the company achieved steady growth in turnover and volume during the year ended 31 December 2017. Turnover was up 14% at $16.10 mln compared to $14.14…

Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act 

00Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act HARARE – All foreign-owned businesses which were operating in the reserved sectors of the economy under the Indigenisation Act before January 1, 2018, have been allowed to operate only if they are registered with the Zimbabwe Revenue Authority and they open and maintain bank accounts in accordance with…

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