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RBZ cancels Capital Bank licence as NSSA refuses to inject more funds

RBZ cancels Capital Bank licence as NSSA refuses to inject more funds

The central bank on Thursday cancelled the licence of Capital Bank Corporation at the bank’s request after the major shareholder, National Social Security Authority (NSSA) indicated that it was no longer willing to inject additional capital into the institution. “The bank has been operating in an unsafe and unsound financial…

Implats to build platinum refinery, work to start in July – official

Implats to build platinum refinery, work to start in July – official

South Africa’s Impala Platinum, the world’s second-largest platinum miner will set up a refinery in the country by upgrading its existing facilities, with work on the first phase scheduled to start in July, an official said on Friday. The platinum refining process goes through two significant stages; in the base…

Premier African Minerals soars on massive Zimbabwe resource upgrade, agrees Ethiopia bridging loan

Premier African Minerals soars on massive Zimbabwe resource upgrade, agrees Ethiopia bridging loan

Shares in Premier African Minerals (LON:PREM) soared after it announced a significant increase in resources at the RHA tungsten project. Resource tonnage at the Zimbabwe project, where Premier is the operator and has a 49% stake, increased by 152% to 2.7mln tonnes at a composite grade of 8.7 kilograms per tonne (kg/t)…

World Bank downgrades Zimbabwe’s 2014 growth prospects to 3 percent

World Bank downgrades Zimbabwe’s 2014 growth prospects to 3 percent

HARARE (Zimbabwe Investor) – The World Bank has revised Zimbabwe’s economic growth prospects for 2014 downwards to 3% below the projected global growth rate of 3.2%. In a report prepared by the their Poverty Reduction and Economic Management (PREM) team, the World Bank cited “headwinds from the global economy, low…

Zimbabwe units lead Mwana Africa all round production improvement

Zimbabwe units lead Mwana Africa all round production improvement

Mwana Africa (LON:MWA) unveiled a “generally improved performance” across the range of operations in the quarter ended last month. In Zimbabwe, both the Freda Rebecca Gold Mine and the Bindura Nickel Corporation saw increases in production that will help boost the top and bottom line. In the case of the…

Antwerp Aims to Sell 12 Million Carats of Gems From Zimbabwe

Antwerp Aims to Sell 12 Million Carats of Gems From Zimbabwe

The Antwerp World Diamond Centre wants to sell 12 million carats of diamonds from Zimbabwe this year, which would make the southern African country one of the six biggest suppliers to the Belgian-based trading group. Zimbabwe conducted two auctions at Antwerp, in December and in February, realizing $10.5 million from sales of 279,723 carats…

Zimbabwe Mines Body Says Export Tax Threatens Platinum Industry

Zimbabwe Mines Body Says Export Tax Threatens Platinum Industry

A proposed 15 percent levy on Zimbabwe’s platinum exports equates to a “punishment” that threatens the industry, the country’s mining body said. The government proposed a tax on shipments of unrefined platinum in December that would apply from Jan. 1 this year. The levy would be “ill-timed, distortionary and reduces export…

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