Poor results from its South African banking subsidiary, Nedcor, which were heavily impacted by the holding of excess US dollars when the rand was strengthening, spoiled the 2003 results of insurance giant, Old Mutual.
Gold production at Freda-Rebecca Mine, the Ashanti Goldfields operation in Zimbabwe, dropped by almost half from 98 255 ounces in 2002 to 51 091 ounces last year resulting in operating costs increasing from US$214 an ounce to US$268 an ounce.
Production at Rio Tinto’s Murowa diamond mine is expected to start in the third quarter of this year.
Econet, Zimbabwe’s largest mobile cellular provider, more than doubled its average revenue per user between June and December last year.
Tobacco heavyweight, TSL, saw its net profit for the year ending October soar by 576 percent, beating annual inflation for that month of 525 percent though tobacco production had declined by 50 percent and the company auctioned only 55 percent of the 82 million kg produced.