Fate of SA gold rests on giant, loss-making mine

Three thousand metres below the plains southwest of Johannesburg, teams of miners are toiling to revive the gold industry that underpinned South Africa’s economy for generations. The South Deep mine was built to target the world’s second-biggest known body of gold-bearing ore, a deposit that could produce for the next …

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BRICS commits to partnership, collaboration with Africa

Johannesburg. — Leaders of BRICS countries on Friday committed to partnership and collaboration with Africa as key attributes towards achieving mutual aspirations. Speaking at its 10th summit in South Africa, the BRICS said it had provided over $1 billion in various forms of support to Africa in the past year. …

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‘Demand for mortages on the rise’

Enacy Mapakame Property Reporter Demand for mortgage loans in the country has been on the increase this year as Zimbabweans turn to real estate as a store of value, Real Estate Institute of Zimbabwe (REIZ) president, Mike Juru has said. He, however, indicated the market has been stagnant on the …

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US China trade war threat to gold sector

A potential trade war with the U.S. that threatens growth, simmering tensions on the Korean peninsula and this year’s slump in gold prices are reasons to buy. But People’s Bank of China data show the country’s gold reserves haven’t risen since Donald Trump was elected President in 2016. Still, this …

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Forex challenges trample OK Grand Challenge’s contribution

OK Zimbabwe says this year’s OK Grand Challenge Jackpot Promotion’s (OGCJP) contribution to the company’s revenue might have been higher had it not been for forex shortages to import finished goods, despite a 20% growth in revenue. In the company’s trading update covering the past three months announced at OK …

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Five more Slices in pipeline

SLICE Distributors (Private) Limited will roll out five more fast food outlets to push its total number to 17 nationwide by year end, NewsDay has learnt. BY TATIRA ZWINOIRA Currently, Slice Distributors has 12 outlets across the country consisting of mainly the Chicken Slice and Pizza Slice brands. In an …

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Promoting savings culture in Zimbabwe indispensable

Since time immemorial, generations have been saving. And going down the memory lane, lessons can be learnt from the Zunde raMambo concept from the Zimbabwean tradition where the kings store and preserve a strategic reserve of food to help people in times of need. The concept of matura (silos) was …

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ZimCoke revives ZiscoSteel’s Coke plant

Tawanda Musarurwa ZimCoke (Pvt) Limited plans to invest $133 million towards resuscitation of the Coke Oven Battery plant segment of the defunct steelmaker, ZiscoSteel. At full tilt the project is expected to produce 500 000 tonnes of coke annually, for both local usage and the export markets. ZimCoke chief executive …

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ZimCoke to take over govt debt

ZIMCOKE (Private) Limited will take over part of the debt that the government of Zimbabwe owes to German Development Bank (KfW) amounting to $225 million. BY KUDZAI MUCHENJEKWA On Friday, ZimCoke had an official ground-breaking ceremony at Zisco steel plant which was last functional in 2008, taking over the plant …

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Parastatals need clear vision to succeed: Mbigi

STATE enterprises and parastatals would never be turned around unless Zimbabwe, as a country, has a clear vision, professor of business and public management, Lovemore Mbigi has said. BY MTHANDAZO NYONI Giving his presentation on the topic: Parastatals reforms-is privatisation a solution or the panacea at the Institute Chartered Accountants …

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