New Dawn revenue increases to $14.86 million for the quarter ended March
New Dawn's consolidated gold production was 8,736 ounces of gold (7,926 ounces attributable) for the quarter ended March 31, 2012, as compared to 6,226 ounces of gold (5,853 ounces attributable) for the comparable quarter ended March 31, 2011, an increase of 40.3% (35.4% increase on an attributable basis).Consolidated gold production for the current quarter ended March 31, 2011 decreased by 4.0% (5.6% decrease on an attributable basis), as compared to the previous quarter ended December 31, 2011 of 9,095 ounces (8,399 ounces attributable).Other than at the Turk and Angelus Mine, the Company's mining operations had a combined increase in gold production of approximately 14.5% during the quarter ended March 31, 2012, as compared to the previous quarter ended December 31, 2011.Gold production at the Company's Turk and Angelus Mine for the quarter ended March 31, 2012 was 2,763 ounces of gold, as compared to 3,879 ounces of gold for the pre...Read moreDelta Beverages profits surges 38 percent to US$75m
2012 May 10 | 523 Views
DELTA Corporation's profits surged 38 percent to US$75,2 million for the full year ended March 31, 2012, underpinned by growth in volumes and product availability. Total beverages volumes grew by 19 ...
TelOne rolls out ADSL Internet in Mutare, Marondera and Gweru
TelOne Acting MD, Lawrence Nkala, revealed in an article posted by the Sunday News this week that TelOne has expanded ADSL services to more cities and towns successfully. The new locations that now ha...
BancABC embarks on a rights offer to raise P356 million
African Banking Corporation Holdings (ABCH) intends to embark on a Rights Offer in which it seeks to raise BWP 356,666,666 (approximately US$ 50.0m) and offers 83,333,333 shares at a price of BWP 4.28...
Telecel network to cover 85 percent of the country
ORASCOM Telecom Holdings has said its local unit, Telecel Zimbabwe, will expand its network to cover at least 85 percent of the country. Orascom has invested US$70 million in the company, which ...
Celsys Limited – Notice of Scheme Meeting
Shareholders are advised that a scheme meeting shall be held on Monday 28th May 2012 at 1000hrs at Royal Harare Golf Club. The purpose of the meeting is to consider and if deemed fit to agree (with or...
Local companies should re-brand
Local companies should re-brand in order to secure and maintain a share of the market, an expert said yesterday.An influx of imported goods and services on the market has created stiff competition whi...
Zimbabwe offers great potential as a recovery play - Imara
With low activity still persisting on the market, an improved level of turnover was recorded during the week from US$ 4.9m to US$ 6.6m and thus the daily turnover breached the US$ 1.0m mark. A special...
Air Zimbabwe resumes domestic flights
2012 May 02 | 1257 Views
Air Zimbabwe is set to resume domestic flights today. The airline suspended its domestic flights in January this year after an aircraft servicing the routes developed mechanical faults.Air Zimba...
4 500 workers risk losing their jobs
OVER 4 500 workers at Green Fuel in Chisumbanje risk losing their jobs after the plant ceased operations when oil companies failed to take up 10 million litres of ethanol it produced.At least 700 work...
Zimplats records a 170 percent jump in profit
Harare - Zimplats reported a 170% jump in third-quarter profit on Monday, buoyed by higher platinum prices.Zimplats said January to March operating profit rose to $52m from $19m the previous quarter....
Zimbabwe's Sol Air get IATA code
Zimbabwe's newly licensed private airline, Sol Air has been issued a code as an integral part of the travel industry, and essential for the recognition of an airline, its destinations and its traffic ...
Zim companies ignoring health and safety standards
2012 April 28 | 1136 Views
Few companies are reported to be implementing proper occupation health and safety standards, a situation which has seen employees being exposed to various hazards. Concern is being raised by st...
Mugabe family's factory commissioning soon
2012 April 27 | 2699 Views
State media reports that the establishment of a multi-million dollar milk factory at the Gushungo Dairy Estate in Mazowe is at an advanced stage with the commissioning of the project expected early n...
MARS workers go on strike over salary dispute
2012 April 27 | 1416 Views
Medical Air Rescue (MARS) workers have downed tools following a salary dispute which they claim has dragged on for over three months with their employer.The workers who were visibly angry and demonstr...
Zimbabwe Stock Exchange suffers heavy losses
Trading on the Zimbabwe Stock Exchange ended on a low note on the back of huge losses by the blue chip or heavyweight counters. It was not a rosy day for investors within the market as share prices de...
Econet finalising a syndicated $307 million loan facility
HARARE - Econet is finalising a syndicated $307 million loan facility with a group of international banks, part of which will be used to restructure debt, management told analysts yesterday. CEO ...
Land Rover South Africa and Kingsley Holgate United Against Malaria
2012 April 25 | 1086 Views
Humanitarian adventurer Kingsley Holgate is using adventure to combat malaria and improve and save lives throughout Africa. His humanitarian adventures – many of which are world firsts – have se...
New Dawn increase gold production by 40.3 percent
2012 April 25 | 1004 Views
New Dawn Mining reported consolidated gold production for the quarter ended March 31, 2012 of 8,736 ounces (7,926 ounces attributable to New Dawn, after adjusting for the minority interests' share o...
Econet revenue rise by 24 percent to $611 million
Econet Wireless Zimbabwe, the country's biggest mobile-phone carrier, said profit for the fiscal year through February rose 18 percent to $165.7 million.Revenue climbed 24 percent to $611 million wi...
AVM calls for protection against cheap bus imports
BUS manufacturer AVM Africa has called on the Government to protect the sector from cheap imported buses flooding the local market. AVM is facing stiff competition from imported buses most of which ar...
Bata Shoe Company looking for US$5m to buy machinery
2012 April 23 | 1450 Views
GWERU - SHOE manufacturer, Bata Shoe Company, is seeking at least US$5 million dollars to purchase shoe making equipment.Currently Bata is operating at 60 percent and hopes to be at optimum productio...
Coke and Pepsi change recipe to avoid cancer warning
2012 April 22 | 2153 Views
Coca-Cola and Pepsi are changing the way they make the caramel colouring used in their drinks as a result of a California law that mandates drinks containing a certain level of carcinogens bear a can...
Ndlovu takes over at RioZim
Rio Zimbabwe Limited (RioZim) has appointed Ashton Ndlovu, a former chairman of KW Blasting, as new managing director to replace long-serving Josphat Sachikonye, who stepped down last month.RioZIm al...
Delta Beverages beer sales up 23 percent
2012 April 19 | 1656 Views
DELTA Beverages lager volumes grew by 23 percent propped up by its massive capital investment in capacity upgrades.The growth in Delta's lager volumes spurred overall volume growth for global brewer...
New Dawn initiates 8,000 meter exploration project in Zimbabwe
2012 April 17 | 1393 Views
New Dawn Mining has commenced an 8,000 meter diamond drilling program at its Camperdown Mine gold project, which is part of the Company's Gweru Gold Camp located in the Shurugwi District of Zimbabwe....
TM's rebranding to Pick 'n Pay will take 3 years
2012 April 17 | 2162 Views
SOUTH Africa's Pick 'n Pay, which is rebranding some of TM Supermarkets after acquiring majority stake in the firm, says the exercise would take at least three years to complete. The Cape Town-headqu...
Zimpost targets second postal bus
HARARE - Postal company Zimpost plans to introduce a second bus which carries mail and passengers to ply the Bulawayo-Victoria Falls route as it intensifies efforts to improve its operations, an offic...
Another diamond mine for Zimbabwe
2012 April 16 | 2849 Views
GOLD and diamond mining company Development Trust of Zimbabwe-OZGEO (Private) Limited could go into full commercial diamond mining in Chimanimani by the end of this year as current exploration activi...
Lobels shuts down in Harare
2012 April 10 | 3134 Views
Zimbabwe's legendary bread making company Lobels Holdings has today stopped production at its Harare plant in a move that could cause bread shortages. However, factories in Bulawayo are not affec...
RBZ satisfied with Royal Bank and the ZABG’s recapitalisation plans
HARARE - Zimbabwe's Reserve Bank (RBZ) is satisfied with Royal Bank (Royal) and the Zimbabwe Allied Banking Group (ZABG)’s recapitalisation plans, and it will finalise verification of these ins...
Obert Mpofu linked company buys Zimbabwe bank says Herald
2012 April 03 | 980 Views
ZABG Bank has reached an agreement with Unicapital of Mauritius and a local private firm, Trebor & Khays, for fresh capital injection to meet regulatory capital requirements. The bank's great esc...
Chinese investor to rescue Bindura's Trojan nickel mine
A Chinese mining group will invest $21.2m to restart a Zimbabwean nickel mine that closed during the country's political turmoil, the mine's owners announced on Monday.The investment from the China In...
Zimpapers reports a $2.4 million loss
2012 April 02 | 791 Views
Zimpapers reported a depressed set of results showing an attributable loss of $2.3 million. The poor performance was attributed to high maintenance costs on aged equipment, low capacity utilization a...
African Sun - Market Update - AGM
2012 April 02 | 565 Views
African Sun Limited is pleased to release the presentation by Dr S.A. Munyeza, Group CEO, to shareholders at the 40th Annual General Meeting. Below is an extract from the presentation:STRATEGIC UPDAT...
Anglo American Platinum to submit empowerment plans this week
Anglo American Platinum will this week submit plans to the Zimbabweean government outlining how it will cede control of the Unki mine to black citizens, the state - controlled Herald said, citing Indi...
Robust set of results from NMBZ
A robust set of results by NMBZH showing attributable earnings of $4.5 million, up 6.6 folds, albeit off a low base. The robust performance can be attributed to the strong funded income growth as well...
Lafarge profits rises on the back of increased cement demand
A good set of results from Lafarge as the bottomline grew by a high of 30% despite a depressed H1 2011 when the group was carrying out its refurbishment exercise. The group noted that although there ...
Hwange Colliery reports a depressed set of financials
2012 March 29 | 593 Views
Hwange reported a depressed set of financials showing a 37% decline in attributable earnings to $3.9 million. The poor performance can be attributed to the increase in overhead costs against st...
Zim construction calls government for protection against foreign contractors
The construction industry has called for government support and protection in light of stiff competition from foreign contractors.The embattled construction industry has been facing financial constrai...
Kenyan bank to Royal bank stake
KENYA-based financial services group Commercial Bank of Africa is set to acquire a 49 percent stake in Royal Bank, which will enable it to meet the minimum capital requirements set by the Reserve Bank...
NRZ geared to contributing towards the country's economic growth despite challenges
2012 March 25 | 538 Views
The National Railways of Zimbabwe (NRZ) says it is geared to contributing to the country's economic growth despite challenges of under-capitalisation.NRZ General Manager, Retired Air Commodore Mike ...
Pearl Properties expects to grow its rental income
The property market has been characterised by limited demand for CBD offices and suburban retail space, despite this Pearl Properties expects to grow its rental income and occupancy levels through imp...
Nicoz Diamond maintains growth momentum
2012 March 23 | 521 Views
Nicoz Diamond maintained the growth momentum in the first halve of 2011 that they had gathered in H1 2011 as GPW for amounted to US$11.8m compared to US$11.7 million in H1. Total GPW thus grew by 27%...
Innscor reports a robust set of financials
Innscor reported a robust set of financials showing attributable earnings of $22.5 million, up 59.3% year on year for eps of 4.2 US cents a share. The attributable earnings were just shy of the FY 201...
More bread for Byo as Lobels plans new plant
2012 March 22 | 662 Views
Lobels, the country's oldest and largest bakery plans to commission a $2million second production line at its Belmont factory in Bulawayo in April to increase production capacity.Once set up, it is e...
ZB Financial Holdings reports an improved operating performance
ZB Financial Holdings reported an improved operating performance for FY 2011, posting attributable earnings of $5.8 million against a loss of $1.1 million the prior period. The performance was underpi...
Zimplats faces total nationalisation
2012 March 22 | 538 Views
Zimplats may face total nationalisation if it does not meet Zimbabwe government's two week deadline for agreement on the value of a stake in the company, the Herald said in an editorial yesterday.The...
James Maposa appointed Stanchart chairman
HARARE - The local unit of global banking group, Standard Chartered (Stanchart) has appointed James Maposa as its new chairman with effect from the 1st of this month.Maposa a veteran mining executive ...
CABS Bank to pay dismissed workers in Zimbabwe dollars
2012 March 18 | 595 Views
THE Central African Building Society has offered to pay in Zimbabwe dollars 10 workers it was ordered to reinstate by the Labour Court. The institution's lawyers, Gill, Gondlonton and Gerrans, have wr...
Securities Commission has issues with Ariston's recapitalisation proposal
The Securities Commission of Zimbabwe has advised that as part of its objectives in terms of Part 11 (sections 4(I) a,c,e and 4 (2) c,e of the Securities Act (Chapter 24:25) it would like to inform th...
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