Business
Zimbabwe cuts electricity imports thanks to China-funded power generator
HARARE, Sept. 21 (Xinhua) — Zimbabwe imported less electricity after supplies were boosted by a new 300-megawatt generator completed in March by a Chinese firm at the country’s largest power plant. Zimbabwe imported a total of 2,303.6 gigawatt hours (GWh) of electricity in 2022, and 863.4 GWh in the first quarter of this year, according […]
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Invictus starts drilling Mukuyu-2
AUSTRALIA-listed on Wednesday began the much-anticipated drilling of its second exploratory well, Mukuyu-2 and the mining house has secured firm commitments from new and existing sophisticated and institutional investors to raise A$15 million. Mukuyu-2 will be drilled to a planned total depth of 3,750 metres. Drilling and evaluation of the well is expected to take […]
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UK targets local energy sector
THE United Kingdom is keen to boost trade with Zimbabwe and invest in the country’s vast renewable energy sector. Through its Minister of State in the Foreign, Commonwealth and Development Office, Mr Andrew Mitchell, the UK said it is knocking off some hurdles that were impending optimum trade between the two countries. This renewed interest […]
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Tourism players gun for 100 percent retention
PLAYERS in the tourism industry are appealing to Government to review the foreign currency retention which would allow them to get a 100 percent retention. Government promulgated a policy where companies that generate foreign currency in all sectors retain 75 percent while the remaining 25 percent should be declared to the Reserve Bank of Zimbabwe […]
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Mine to raise US$13m for 7MW solar plant
Golden Valley Mine intends to raise US$13 million through a private placement to build a 7MW solar plant at its gold mine in Kadoma, according to an investor prospectus seen by this publication. The company has already signed an agreement with Okavango GVM Power, a special purpose vehicle (SPV) comprising three local shareholders as the […]
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Parastatals foreign debt reaches US$1,6bn
STATE-OWNED enterprises (SOEs) and parastatals’ foreign debt reached US$1,6 billion in 2022 from US$1,3 billion in 2021 largely owing to failure to prudently account for resources, a development that puts a strain on the national fiscus, the head of Corporate Governance Unit in the Office of the President and Cabinet, Mr Allan Choruma has said. […]
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Zimra to roll out new tax admin system
THE Zimbabwe Revenue Authority (ZIMRA) is set to introduce a new tax system next month in a bid to revolutionise the tax administration terrain in the country through an efficient, effective, and easy-to-navigate system based on a digital platform. Known as the Tax and Revenue Management System (TaRMS), it is a product of ZIMRA’s business […]
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Getbucks delisted from ZSE
GETBUCKS Microfinance Bank Limited was on Monday delisted from the Zimbabwe Stock Exchange (ZSE) after minority shareholders approved a special resolution at an Annual General Meeting last month. The green light was given during a sixth Annual General Meeting (AGM) of the shareholders held on 31 August. In a notice, ZSE said, “The Zimbabwe Stock […]
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Cottco registers volumes growth
Cottco Holdings Limited (Cottco) registered a 48% growth in cotton deliveries in 2023. The company published its trading update for the year from 01 July 2022 to 31 August 2023. “As the buying season draws to an end the Company has achieved a 48% increase in intake from 46,748 metric tonnes in 2022 to 69,146 […]
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National Blankets to access retooling funds
MINISTER of Finance and Investment Promotion, Professor Mthuli Ncube is keen on textiles firm National Blankets accessing part of the Special Drawing Rights (SDRs) retooling funds saying that would boost the firm’s capacitation and revival and impact on the growth of the national economy. The minister said policy fundamentals and regulations are now in place […]
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