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Sino Zimbabwe opens $17mln plant, launches tobacco funding scheme

Sino Zimbabwe opens $17mln plant, launches tobacco funding scheme

Chinese firm, Sino Zimbabwe Cotton on Thursday opened its $17 million spinning plant and ginnery near Hopley in Harare and said it was launching a $3 million input scheme for tobacco growers. President Robert Mugabe commissioned the  plant which the company hopes will double its 30 000 spinners capacity, depending…

Zimbabwe’s mines minister dissolves mining boards, hands control to permanent secretary

Zimbabwe’s mines minister dissolves mining boards, hands control to permanent secretary

Zimbabwe’s mines minister on Wednesday dissolved management boards of  three government companies involved in diamond mining and trading. The boards of the Zimbabwe Mining Development Corporation, Minerals Marketing Corporation and Marange Resources were all dismissed, although no reason was given for their sacking. “The duties and functions of these boards…

Foreign buyers seen pushing ZSE to best performance since dollarisation

Foreign buyers seen pushing ZSE to best performance since dollarisation

Strong foreign investor interest on the Zimbabwe Stock Exchange has lifted the bourse to its best performance since dollarisation in 2009, analysts have said. As of December 5, 2013 the benchmark index had gained 40 percent from the beginning of the year while total turnover for the same period amounted…

Zim mines minister wants tougher mining laws

Zim mines minister wants tougher mining laws

Zimbabwe’s mines minister, Walter Chidhakwa  says African countries should have tougher mining laws to benefit more from their natural resources. “This why in Zimbabwe we say without any fear or apologies that when you come to Zimbabwe, you are coming to mine platinum, gold, and other minerals and the fact…

RBZ Governor Gono steps down

RBZ Governor Gono steps down

Zimbabwe’s reserve bank governor Gideon Gono, who put the bank’s printing press into overdrive to keep pace with hyper-inflation, has left the central bank after completing his final five-year term on Friday. At the height of the southern African country’s decade-long economic crisis, Zimbabweans were plagued by acute shortages of…

Build refinery and keep majority shares, govt tells platinum miners

Build refinery and keep majority shares, govt tells platinum miners

The government could let foreign-owned platinum mining firms own majority shares in their local operations if they partner it to build a refinery in the country,  mines minister Walter Chidhakwa has said. Chidhakwa said a platinum refinery was a national aspiration and that if platinum producers set it up, the…

Govt needs $200 million to recapitalise RBZ, considers resuming interbank market

Govt needs $200 million to recapitalise RBZ, considers resuming interbank market

Finance minister, Patrick Chinamasa on Wednesday said government needs $200 million to recapitalise the Reserve Bank of Zimbabwe to restore its lender-of-last-resort capacity in a bid to lower the cost of borrowing. Zimbabwe adopted the use of multiple foreign currencies – chiefly the United States dollar and South Africa’s rand…