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Cabinet boost for power projects

Minister Chinamasa Golden Sibanda Senior Business Reporter CABINET, through the Ministry of Finance and Economic Development, has accorded prescribed asset status to financial instruments that have been designed to raise project funding on the domestic market for the Gwanda solar and Gairezi hydro power projects. The State Procurement Board awarded the …

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Mujuru slapped with $5m lawsuit

Joice Mujuru Fidelis Munyoro Chief Court Reporter Zimbabwe People First leader Dr Joice Mujuru has been hit with a $5 million lawsuit by her former allies, Messrs Didymus Mutasa and Rugare Gumbo, over her utterances claiming that the two wanted to mate with her. The lawsuit was triggered by media reports …

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Zimplats bounces back to profitability

HARARE  –  The country’s largest platinum producer, Zimbabwe Platinum Holdings, bounced back to profitability in the half-year to December 31, 2016 after posting a profit-after-tax $16, 2 million compared to a loss of $0, 6 million in the same period last year.   The positive upturn was driven by higher output …

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Local bourse back in the red

HARARE  –  The mainstream industrial index retreated by 0.57 to close at 135.25 in mixed trading. Leading the losers was seed producer SeedCo, which fell by $0, 0125 to close at $0, 9775 and telecoms giant Econet which lost $0, 0112 to settle at $0, 1496. Also on the downside …

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Pick n Pay to increase Zim footprint to 65 stores

HARARE  –  South African-headquartered retailer Pick n Pay says it plans to open two more supermarkets in the country this year, and eventually grow its aggregate to around 65 supermarkets going forward. The group currently has 59 supermarkets in the country, the majority of which fall under its Zimbabwean associate, …

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Temba Mliswa to lead ZPF?

By Staff Reporter Temba Mliswa in a quandary TEMBA Mliswa faces major headaches in the event that he is accepted to lead a faction of the Zimbabwe People First (ZPF) party. The country’s laws do not accept floor-crossing, which means that the moment Mliswa takes up the opposition party’s leadership, …

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Government seeks US$300m for diamond mining

By Staff Reporter Minister of Mines, Walter Chidhakwa ZIMBABWE Consolidated Diamond Company (ZCDC) is courting investors for US$300 million to boost its operations, dogged by the depletion of alluvial diamonds and lack of equipment to pursue diamondiferous kimberlites, the Financial Gazette has learnt. The company wants to use the money …

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Salary raise for top three

By Staff Reporter President Robert Mugabe and his two deputies — Emmerson Mnangagwa and Phelekezela Mphoko. TREASURY has budgeted for an increase in salaries and allowances for President Robert Mugabe and his two deputies — Emmerson Mnangagwa and Phelekezela Mphoko — despite calls for belt-tightening measures in government due to …

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Incessant rains disrupt Pickstone mining operations

Oliver Kazunga, Senior Business Reporter AIM-listed Vast Resources plc says production at its Pickstone-Peerless Gold Mine in Chegutu declined by 11 percent to 4 356 ounces (oz) in the fourth quarter ended December 2016 due to continued rains. In a quarterly production update released this week, Vast Resources indicated that …

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January import bill drops 21pc

Oliver Kazunga, Senior Business Reporter THE country’s import bill dropped to $384,6 million last month from the December 2016 figure of $489,4 million, data from the Zimbabwe National Statistics Agency show. The national import bill has been dropping in recent months largely driven by tight policy interventions the Government adopted …

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