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Econet Decries Network Disruptions, Increased Costs Due To Load Shedding

Mobile telecommunications giant, Econet Wireless Zimbabwe Limited says the persistent power cuts have adversely affected network availability while putting additional costs of running alternative energy generators to sustain operations. The Zimbabwe Energy Supply Authority (ZESA) has been consistently rationing power citing ongoing maintenance work at various power stations including Kariba and Hwange. In its third […]

Caledonia Appoints New Board Member

Caledonia Mining Corporation has announced the appointment of Dana Roets to the board with immediate effect. Dana has been the Chief Operating Officer at Caledonia since 2013 and will continue in this role despite his appointment to the board. He is a qualified engineer with over 34 years of operational and managerial experience in the […]

Fixing Forex Auction Bottlenecks Should Headline 2022 Monetary Policy Statement

Fine-tuning the foreign exchange auction system for an effective supply of foreign currency to local companies should headline Central Bank governor, Dr John Mangudya’s 2022 monetary policy statement expected to be presented within the next 30 days. Despite having improved local companies access to foreign currency since its inception, the auction system has left a […]

Blanket Mine Records 17 Percent Rise In Annual Gold Production

New York Stock Exchange-listed company, Caledonia Mining Corporation has announced an annual gold production of 67,476 ounces in the year ended 31 December 2021 at its Gwanda-based subsidiary Blanket Mine, representing a 17 percent increase on 2020 annual production. The company also recorded gold production of 18,604 ounces in 2021’s fourth quarter representing a 24 […]

Delta Earnings Up On Volume Recovery

Beverages maker, Delta Corporation posted a 149 percent growth in revenue for the nine months to December (Q3) in historical cost terms following a steady recovery in volumes growth. The group leveraged on the increased access to foreign currency through domestic nostro sales to contain input costs, which allowed for competitive pricing. The group had […]

Lafarge Completes Assessment Of Damaged Milling Plant

Lafarge Cement Zimbabwe says it has completed investigations and assessment of the damage caused by the collapse of the roof on one of the Company’s mills late last year and warned shareholders of a negative impact it will have on margins. On October 11, 2021 the roof at its Manresa plant in Harare collapsed over […]

Cottco Records 41 Percent Cotton Uptake

Cotton Company limited (Cottco) intake for the 2021 cotton buying season was up 40.70 percent following positive response from farmers after government announcement of a ZWL$22 per kg subsidy last year. The sector has been riddled by delays in payment of deliveries to the parastatal which has resulted in side marketing as farmers seek buyers […]

RBZ Warns Currency Manipulators

The Reserve Bank of Zimbabwe has warned business entities who are manipulating the value of the local currency –the Zimbabwe dollar (ZWL) by using a parallel exchange rate when transacting. The Bank has struggled to give stability to the local currency since introducing it in 2019 despite issuing a series of Statutory Instruments to buttress […]

Cassava Shareholders Okays Name Change To Ecocash Holdings

Shareholders of financial technology company, Cassava Smartech voted overwhelmingly in favor of the proposed company name change to Ecocash Holdings Zimbabwe Limited at an extra ordinary general meeting held early this week. The motion received unanimous vote from the shareholders at an EGM that was held virtually due to COVID-19 protocols. “The motion was carried. […]

CFI Secures Funding For Recapitalization Of Subsidiaries

LISTED Agro-industrial concern, CFI Holdings Limited says funds for the recapitalization of subsidiaries- Victoria Foods and AgriFoods have been secured following their exit from judicial management in September last year. Victoria Foods and Agrifoods were placed under provisional judicial management in 2016 and have been operating under care and maintenance for four years to allow […]