Zim stays crucial to platinum producers amid tough new indigenisation laws

Zim stays crucial to platinum producers amid tough new indigenisation laws 1

13th August 2019 Business, Markets Mining.com The Zimbabwean reports Angloplat, the world’s number one producer said it was optimistic about coming to an agreement with the Zimbabwean government over its Unki mine and Aquarius Platinum’s record quarter was thanks to the performance of its Mimosa mine in Zimbabwe amid continuing talks. The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenization laws. The Zimbabwean quotes Angloplat’s CEO Neville…

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Gold, tobacco production plunges as power cuts effects wreak havoc

Gold, tobacco production plunges as power cuts effects wreak havoc 3

By Alois Vinga RECEIPTS from Zimbabwe’s top foreign currency earners tobacco and gold have plummeted a local trade watcher has said. Inter-Horizon Securities (IH Securities) in a survey said gold has gone down 20% while tobacco earnings have plummeted 35%. The survey titled “The Zimbabwe Consumer Sector; Austerity for Prosperity”, says the agricultural sector, which employs 80% of the working population, largely comprising of small-scale farmers who contribute over 70% of tobacco output, supply 60% of the raw materials required by the industrial sector and contribute to 40% of total…

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Countless licences, bureaucracy choking trade

Countless licences, bureaucracy choking trade 5

By Alois Vinga EXPORTERS have bemoaned the numerous licencing and associated fees required by government departments in Zimbabwe saying they remain a barrier to the ease of doing business. Speaking to NewZimbabwe.com Business this week, Zimbabwe National Chamber of Commerce president Tamuka Macheka said that his organisation was deeply concerned about the existence of different and scattered offices for export documentation. “To be able to export from Zimbabwe, there is need for a minimum 99 hours spent on documentary compliance and an additional 88 hours are spent on border administration…

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Ecocash rules mobile money market with 99 percent share

Ecocash rules mobile money market with 99 percent share 7

By Alois Vinga CASSAVA Smartech’s subsidiary, Ecocash is enjoying almost 100% dominance of mobile money transactions and continues to maintain a lead ahead of other service providers. The Postal Telecommunications Regulatory Authority’s report entitled Consumer Satisfaction Report observes that Ecocash platform is conducting almost 99% of the total money transfer services. The stats prove that the other two main mobile money platforms NetOne’s OneMoney and Telecel’s Telecash are struggling to gain traction. “Ecocash has a 94.5 percent market share of the sector, followed by OneMoney with a 4.7% stake and…

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Zim mobile tariffs now lowest in the region, threatening viability

Zim mobile tariffs now lowest in the region, threatening viability 9

TechnoMag Zimbabwe mobile tariffs compared to the SADC region and other African countries have become insanely too low and no longer make business sense, a survey has revealed. In a survey done by TechnoMag, Zimbabwe is currently charging tops of 22cents rtgs per minute which when converted against the bank rate, amounts to $0.024 USD per minute, as at 12 July 2019. This is actually a quarter of a cent in USD value! Mobile network operators have also raised serious concerns that they will soon be forced to go bankrupt,…

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Individuals, NGOS trade US$9 million on the interbank market in five days

Individuals, NGOS trade US$9 million on the interbank market in five days 11

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) says almost US$9 million was traded by individuals and Non-Governmental Organisations (NGOs) on the interbank market in five consecutive days last week. The development could come as a sign government’s controversial move to abandon the multi-currency regime for the local dollar was bearing fruit. Addressing guests at a Zim-dollar return feedback meeting early this week, central bank governor John Mangudya said clients who trusted the black market to sell their foreign currency were now turning to banks. “Last week we saw…

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Arab and Africa Mining Conference delegates urged to consider Zim opportunities

Arab and Africa Mining Conference delegates urged to consider Zim opportunities 13

By Alois Vinga THE Arab and Africa Mining Conference (AAMC) has ended on a high note with Zimbabwe’s mining sector opportunities coupled with the ongoing deeper economic reforms aimed at stabilising the economy taking centre stage. Speaking to potential investors at the conference Wednesday, Zimbabwe’s diplomatic envoy to the United Kingdom, Christian Katsande said basing on feedback from business players operating in the country, confidence and potential was being noted. “Mining has been identified as a key driver of the country’s economy and on the basis of the recent developments…

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High costs force indigenous miners to lease chrome mines to Chinese

High costs force indigenous miners to lease chrome mines to Chinese 15

By Alois Vinga THE Zimbabwe Miners Federation (ZMF) says the indigenous miners are leasing the controlling stake of their mines to foreigners because they do not have adequate resources to keep in business while some are selling the mineral to illegal buyers who offer hard currency, among other challenges confronting the sector. Speaking to NewZimbabwe.com Business Thursday, ZMF president Henrietta Rushwaya said that lack of capital and adequate mechanisation is pushing miners towards desperate alternatives. “Indigenous miners are surrendering controlling stakes of their mines in order to stay in business…

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Private sector says not ready for African Continental Free Area

Private sector says not ready for African Continental Free Area 17

By Alois Vinga THE private sector in Zimbabwe has admitted that local manufacturers are not yet ready to join the African Continental Free Trade Area (AFCFTA) due to serious economic challenges and policy inconsistencies obtaining back home. Speaking at the national forum on the AFCFTA Wednesday, former Confederation of Zimbabwe Industries (CZI) president, Sifelani Jabangwe said that the country’s manufacturers had been sidelined in the processes and were facing a number of limitations to fully embrace the initiative. “We would like to highlight some concerns. As you may be aware,…

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Fresh bread scarcity fears as wheat stocks dwindle

Fresh bread scarcity fears as wheat stocks dwindle 19

16th June 2019 Business, Markets By Staff Reporter THE Grain Millers Association of Zimbabwe (GMAZ) reports that wheat stocks in the country have “drastically” reduced amid fears this could impact on the availability of bread in the country. GMAZ Media and PR Manager Garikai Chaunza said in a statement Saturday the country’s milling group was in the process of consulting the central bank in attempts to unlock much needed foreign currency to secure the release of the staple cereal from Beira, Mozambique and Harare. “Wheat stocks have drastically declined and…

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