Zimbabwe’s largest gold miner, Metallon Corporation yesterday reported an annual production of 94 212 ounces for 2016, two percent lower than the 96 530oz achieved previously after a poor fourth quarter.
Coal miner Hwange’s revival will depend on a quick exploitation of three new concessions, with its current resources running out within five years, managing director Thomas Makore has said.
The European Union today extended its sanctions on Zimbabwe President Robert Mugabe and his wife, Grace, by another year to 20 February 2018 on the eve of Mugabe’s 93rd birthday.
Air Zimbabwe narrowed its full year losses by 42 percent to $15 million in 2016 from $26 million the previous year as a result of cost cutting, the state-owned airline’s chief executive said today.
Spirits and wines maker, African Distillers recorded a 10 percent increase in after tax profit to $1.8 million in the half year ended 31 December 2016 from $1.6 million last year largely due to improved sales and cost reduction.
Econet Zimbabwe which opened its rights offer today to raise $130 million to pay its external debt says it went for that option because of the critical shortage of foreign currency in overseas nostro accounts of Zimbabwe’s banks which was making it extremely difficult for the company and its subsidiaries to service their obligations to lenders and creditors outside Zimbabwe.
Nampak Zimbabwe says the group remains profitable despite turnover in the first quarter to December 2016 being 11 percent behind on prior year.
Cable manufacturer, CAFCA Limited says margins in the four months to January 2017 are two percent below the prior year as a result of pressure from cheaper imports.