Category: Business

HCCL targets 33% increase in coal production

Hwange Colliery Company Limited (HCCL) is targeting to further improve its production levels by at least 30 percent from the current productive figure of 300 000 tonnes as the company embarks on extensive turnaround strategies. The coal miner recently embarked on a lucrative turn around  deal with the Zimbabwe Power Company (ZPC) and an independent power producer Lusulu Power  which will see the firm supplying 400 000 tonnes of coal per month to the two companies over a 25 year period. Buoyed by this deal, as well as the resuscitation of its underground mining activities at mine 3 following...

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Domestic resource mobilisation critical: Mudenda

The 2018 national budget which is expected to be tabled in the August House next month should be premised on domestic resource mobilisation as the biggest revenue source for long term financing of sustainable and transformational development. This is the view of the Speaker of the National Assembly Advocate Jacob Mudenda which he expressed during a parliament pre-budget briefing seminar in Harare. Parliamentarians gathered in Harare for the pre-budget seminar to strengthen their capacity in the budget formulation process ahead of the national budget presentation scheduled for next month. Addressing the delegates, Advocate Mudenda said domestic resource mobilisation is...

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Masvingo holds budget consultation meeting

Government has been urged to consider setting aside funds for irrigation of cotton in Masvingo Province in the 2018 budget with stakeholders saying the sector has the potential to produce more if supported. The calls were made during the Parliamentary Portfolio Committee on Lands, Agriculture, Mechanisation and Irrigation 2018 budget consultation meeting held in Masvingo. Stakeholders in Masvingo gave their contributions on areas that need to be prioritised in next year’s budget among them the setting up of irrigation infrastructure for cotton farmers. In the 2015/2016 summer cropping season a total of 1 353 tonnes of cotton were harvested in Masvingo and Manicaland combined, with officials highlighting that the tonnage increased to 15 540 in the 2016/2017 summer cropping season. The stakeholders said if such tonnage could be obtained with farmers just relying on rains, more can be achieved with irrigation. Other stakeholders said the budget should also prioritise putting more funds towards foot and mouth vaccines as the disease continues to derail the national herd stocking efforts. The committee was also urged to look into farms that are being underutilised. Committee chairperson, Cde Christopher Chitindi said high rentals on land use is a matter brought up by stakeholders in most of the provinces highlighting this will need to be looked into. The budget consultations were being held countrywide, with Masvingo being the last...

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NRZ resuscitation at an advanced stage

Zimbabweans in business and ordinary people have every reason to smile as government has found a solution to the resuscitation of the National Railways of Zimbabwe (NRZ). The resuscitation will be done by a consortium of 500 skilled Zimbabweans and professionals in the Diaspora, the ‘Diaspora Infrastructure Development Group’ and Transnet Freight of South Africa which has mobilised $1.4 billion for development projects in Zimbabwe. Transport and Infrastructure Development Minister, Dr Joram Gumbo said Zimbabweans should expect to see a huge change in the operations of the NRZ once government has given the nod and the deal is concluded...

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Zim targets narrowing trade deficit

The private and public sectors have committed to narrow the country’s trade deficit from the current $1.4 billion to more sustainable levels within the next five years through aggressive exports of value-added products to regional markets. The country has recorded impressive strides on its export receipts over the years, with exports accounting for more than 60 percent of the country’s foreign currency earnings.  Strong growth has been recorded in minerals and tobacco exports, accounting for over 80 percent of the total export earnings, with slow growth however recorded in the manufacturing sector which contributes less than 10 percent. The...

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