News

Nampak Zimbabwe’s operating profit dropped by 68 percent to $1.2 million for the six months to March 31 due to squeezed margins, external competition and low volumes in its Megapak segment, the company said last week.

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Mwana Africa shareholder Feng Hailiang has increased his stake in the resources group to 9.3 percent after acquiring some of the shares sold by China International Mining Group Corporation (CIMGC) and its chairman Yat Hoi Ning, the company said on Thursday.

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Chinese-run Anjin Diamond Mine has lost its bid to stop the auctioning of its property worth $800 000 by former workers after the High Court dismissed its urgent chamber application against an arbitration ruling that gave the award.

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Zimbabwe is on course to produce 16.7 tonnes of gold in 2015, an 8.7 percent increase from last year after increased output from custom millers, statistics published by the country’s mining chamber showed.

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The government is crafting legislation to compel mining firms to release production data to the fiscus to help curb illicit financial flows (IFFs) and transfer pricing which is costing African countries at least $50 billion annually, finance minister Patrick Chinamasa said yesterday.

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The provisional judicial manager of the troubled Tetrad Investment Bank (TIB) has opposed a court bid by the holding company’s directors to dismiss him and maintains that the bank must be liquidated after failing to secure an investor to salvage the business.

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Zimbabwe’s largest company by revenue, Innscor Africa limited has announced plans to re-enter the Nigerian market and expand its logistics and distribution unit as the conglomerate seeks to minimize its portfolio risk, chief executive officer Toni Fourie has said.

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Zimbabwe’s literacy rate, often said to be the highest in Africa, has been questioned. Africa Check which is based at the University of Witwatersrand in South Africa says studies show that Zimbabwe’s literacy rate is actually lower than that of Equatoriak Guinea, South Africa, Seychelles, Gabon, Mauritius, Swaziland, Burundi, Botswana and Cape Verde.

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Seven senior members of the Zimbabwe African National Union-Patriotic Front, all believed to be loyal to ousted former Vice-President Joice Mujuru, were expelled from the party yesterday in a purge that poses a challenge to the group to form their own party.

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