Stories

The Reserve Bank of Zimbabwe today unveiled a set of new bonded coins worth $10 million, which will start circulating on December 18, in a bid to ease the shortage of lower denomination currency, but repeated assurances it would not bring back the local currency.

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AIM-listed resources company, African Consolidated Resources has announced that its Pickstone-Peerless gold project near Chegutu, 100 kilometres southwest of Harare, will come on line in the second half of 2015 after it secured funding from a Zimbabwean company to start operations at the gold mine.

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Bulawayo City Council (BCC)’s debt has ballooned to  over $90 million, about 57 percent of its $158 million 2015 budget, and is struggling to service it after revenue dropped by 65 percent since July last year, latest council minutes have shown.

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Zimbabwe’s efforts to re-engage and seek debt relief from multilateral lenders may be an exercise in futility due to government failure to contain a bloating wage bill and recurrent expenditure, an economic think tank has said.

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The $55 million Agricultural Marketing Authority (AMA) grain purchase bills floated by CBZ Bank in June registered a 96 percent success rate, the bank announced yesterday.

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Defunct diamond mine, Gye Nyame Resources is set to get a fresh capital injection of $20 million from a potential investor while creditors are expected to vote to defer their payment pending recapitalisation of the mine.

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President Robert Mugabe, a shrewd politician who has survived the trials and tribulations within the Zimbabwe African National Union-Patriotic Front, is likely to have his way as the party congress seems to have kicked off without any hitches after reports that supporters of Vice-President Joice Mujuru would go to court to stop the congress.

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Junior coal miner, Coal Brick has seen coal exports to countries in the northern corridor doubling to more than 10 000 tonnes per month over the past 12 months due to increased demand and an attractive price, an official said.

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Zimbabwe requires more economic reforms to stabilize the undervalued United States dollar to make local business competitive following the introduction of the multiple currencies in 2009, the Zimbabwe Economic Policy and Research Unit (ZEPARU) has said.

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Zimbabwe’s telecommunications regulator sees mobile phone operators and ICT firms saving up to 60 percent in capital expenditure if the industry adopts infrastructure sharing.

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