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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…

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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