Mining requires $400mln funding in 2018

HARARE, December 8 (The Source) – Zimbabwe’s mining sector requires at least $392 million in working capital to sustain operations in 2018, up from the $211 million which was invested this year, an industry survey has revealed.

Stalap goes to court over ‘fraudulent’ CFI Holdings EGM results

HARARE, December 4 (The Source) – Stalap Investments, a major shareholder in agro-industrial group CFI Holdings, has instituted legal action seeking to declare last month’s extraordinary general meeting (EGM), which cancelled a 2015 $18 million land-debt swap deal with Fidelity Life Holdings, null and void.

China says to work with Mnangagwa administration

HARARE, November 29 (The Source) – China’s President Xi Jinping is willing to work together with Zimbabwe’s new leader, Emmerson Mnangagwa, an envoy said on Wednesday, giving hope to the possible revival of ‘mega deals’ signed between the two countries two years ago.

Mnangagwa sworn in as president

HARARE, November 24 (The Source) – Emmerson Mnangagwa was on Friday sworn in as Zimbabwe’s third president by Chief Justice Luke Malaba to loud cheers at a packed National Sports Stadium, marking the end of Robert Mugabe’s nearly four decades rule and a new chapter… Read More

Mnangagwa to be sworn in as president on Friday

HARARE, November 22 (The Source)- Zimbabwe’s Emmerson Mnangagwa is set to return to the country on Wednesday and will be sworn in as president on Friday to replace Robert Mugabe who quit after nearly four decades in power, Speaker of Parliament Jacob Mudenda said.

Zimasco agrees marketing deal with US-based firm

HARARE, November 19 (The Source) – The Zimbabwe Mining and Smelting Company (Zimasco) has signed an agency agreement with New York-based Traxys to market and distribute its ferro-chrome products in North America, a deal seen reviving the struggling miner.

Irish firm joins race for PPC

HARARE,November 14 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says it has received a non-binding expression of interest from building materials manufacturer CRH, to acquire a controlling stake in PPC.

Delta net income up 4pct in H1

HARARE, November 8 (The Source) – Delta Corporation on Wednesday reported a 4 percent increase in after tax profit to $32,3 million for the six months to September, from $30,98 million in the comparable period last year on improved finance and income from associates.

ZSE opens week lower

HARARE, November 6 (The Source) – The Zimbabwe Stock Exchange opened the week lower with the industrial index and mining index losing 0,27 percent and 3,81 percent to close at 524,23 points and 135,14 points respectively.

ZSE indices open new month higher

HARARE,November 1 (The Source) – The Zimbabwe Stock Exchange indices opened the month of November higher, with both the industrial and mining index advancing 0,26 percent and 4,36 percent to close at 523,22 points and 138,27 points respectively.

Zimbabwe’s inflation puzzle

HARARE, October 30 (The Source) – Renowned professor at The John Hopkins University, Steve Hanke suggests in his latest note that Zimbabwe’s inflation has in fact, reached 332,62 percent, not the official 0,78 percent.

Larfarge makes play for PPC

HARARE, October 30 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says it has received an offer from a global building materials and solutions company, LarfargeHolcim, challenging an earlier offer from Fairfax.

Africa’s schooling without learning

By Atukwei Okai, ACCRA – As the school year began this September, there was welcome news for Ghana’s nearly half-million students entering high school: President Nana Akufo-Addo had fulfilled his campaign promise of free secondary education for children nationwide. He swore not only to do… Read More

Zimbabwe crisis: Confidence is the missing link

By Respect Gwenzi, HARARE, October 13 (The Source) – Predictions by renowned world economic bodies and the government point towards economic recovery in Zimbabwe at least over the next 3 years. Underlying this foreseen recovery is a projected sustained favourable rainfall pattern which is expected… Read More

Delta Beverages feels cash crunch

HARARE, October 11 (The Source) – Zimbabwe Stock Exchange-listed beverages manufacturer, Delta Corporation (Delta), says its sorghum beer volumes for the quarter to September were down three percent, affected by cash shortages in the main markets.

ZSE bull run picks up pace

HARARE, October 11 (The Source) – The stock market bull run accelerated on Wednesday, with the main industrial index gaining 3,95 percent to 487,14 points while the mining index added 1,73 percent to 137,52 points.

Dangote Cement bids for PPC

HARARE, September 14 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) on Thursday said it had received an offer from Nigeria’s Dangote Cement to acquire the company’s entire share capital.

Broke govt hires 2,300 teachers

HARARE, September 11 (The Source) – Zimbabwe’s cash-strapped government has hired an additional 2,300 teachers, effectively lifting a ban on public sector recruitment put in place to reign in on spending.    

ZSE market cap hits $8bln

HARARE, September 10 (The Source) – The Zimbabwe Stock Exchange (ZSE) market capitalisation increased by $1,37 billion in the week to close at $8,12 billion on Friday, from $6,74 billion in the previous week.

Zimbabwe expects 2,5mln carat diamonds in 2017

HARARE, June 22 (The Source) – Zimbabwe expects to produce 2,5 million carats of diamonds this year after acquiring equipment for its state-owned Zimbabwe Consolidated Diamond Company but legal challenges remain over its move to nationalise diamonds fields in the east of the country. President… Read More

ZSE sheds 10pct as market stabilises

HARARE, December 10 (The Source) – The Zimbabwe Stock Exchange mainstream index shed 10,16 percent to close the week on 335,97 points, on losses in selected heavyweight counters as punters see positives in the country’s economic direction. The mining index however gained 4,67 percent to… Read More

Five take aways from the budget

HARARE, December 7 (The Source) – Finance Minister Patrick Chinamasa on Thursday presented the first budget under the presidency of Emmerson Mnangagwa, seen as key to Zimbabwe’s economic recovery by restricting thresholds of the controversial Indigenisation Act to platinum and diamonds while re-engaging foreign debtors… Read More

Milk production up 5pct y/y

HARARE, December 7 (The Source) – Zimbabwe’s raw milk production increased by 4,8 percent to 5,89 million litres in October, compared to 5,62 million litres recorded in the same period last year, latest figures show. Latest data from the Dairy Services Department shows that retailed… Read More