Category: Business

Metallon Gold allays closing fears

The country’s largest gold mining firm, Metallon Group has ruled out closing operations in Zimbabwe, saying it is in talks with the government to facilitate viable and sustainable business projects. The revelations come in the wake of the latest labour or worker rationalisation at one of its largest subsidiary, Mazowe Mine in light of re-engineering operations through installation of new machinery or working capital. The company’s majority shareholder and Chairman, Mr Mzii Khumalo said after a series of meetings with government officials on Wednesday, the company, which has the largest gold reserves of more than 8 million ounces, is...

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SAZ hosts business conference

The Standard Association of Zimbabwe (SAZ) is hosting the 5th edition of the Business Leaders Conference in Victoria Falls with calls for the industry to prioritise standards as the country pursues its vision of becoming a middle income economy by 2030. In her address, SAZ Director General, Dr Eve Gadzikwa noted that standards are critical in the realisation of the middle income economy status. “Zimbabwe is targeting to increase foreign direct investments (FDIs) and to build a competitive private sector, so it should harness standards so as to make its products attractive on the international market,” she said. “Zimbabwe’s vision to become a middle-income economy by 2030 is achievable if the nation adopts a shared future, invests in productive sectors and implements policies that encourage investments,” Dr Gadzikwa added. Institute of Chartered Accountants Zimbabwe (ICAZ) President, Mr Tapiwa Chizana urged the business leaders attending the conference to embrace transformational leadership and embrace standards in order to attract more FDIs into the domestic economy. “Adherence to standards is a must if the country is to increase foreign direct investment inflows. As leaders, our role therefore is to lead in a manner that promotes competiveness and business growth,” he said. The 5th edition of the Business Leaders Conference running under the theme: ‘Standards Create Shared Future for Sustainable Socio-Economic Development,’ will see delegates deliberating on the role of standards in facilitating...

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Finance Minister embarks on “listening roadshow”

The new Minister of Finance and Economic Development Professor Mthuli Ncube has embarked on a listening and consulting roadshow with stakeholders, starting with a private meeting with captains of industry. Today, he met with 50 chief executive officers of the leading businesses in Zimbabwe to consult and listen to the challenges they are facing operating in Zimbabwe. Issues raised by Zimbabwe’s leading CEOs who met today with Professor Ncube include prohibitive cost of finance, shortage of foreign currency, high import duties, uncompetitive business environment and bureaucracy. The Minister of Finance and Economic Development and the captains of industry discussed...

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ZCDC diamond output up 47pc

State-owned Zimbabwe Consolidated Diamond Company (ZCDC) has produced two million carats of diamonds from January to date, reflecting a 47 percent increase from 1.3 million carats during the same period last year. Increased investments in the mining sector and processing capacity by the ZCDC have lead to the rise in production of the precious commodity. ZCDC Chief Executive Officer Dr Morris Mpofu told the ZBC News today that increased exploration and fresh green field projects are therefore expected to result in overall diamond production reaching the targetted three million carats by year end. “We are really convinced of the...

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New Insolvency Act hailed for protecting creditors

The new Insolvency Act chapter 604 is viewed as the best legislation that promotes the ease of doing business and encourages the participation of creditors in cases of insolvency. The new Insolvency Act chapter 604 expressly repealed chapter 607 and provided an enabling environment for business. Before the new act, the law gave powers to appointed judicial managers at the expense of creditors. The new law has consolidated all insolvency laws under one legislation and protects the interests of creditors by giving them power to select a creditors committee and the power to vote for or against a proposal...

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