Zimbabwe’s biggest gold producer has sued the country’s central bank for US$132m because it has been paying for the metal in a local quasi-currency rather than US dollars, highlighting the business sector’s dissatisfaction with the nation’s financial regime. Metallon Corporation, which acquired Lonmin' gold mines in Zimbabwe in 2002, wants an additional US$5.8m because the central bank prevented it from externalising 2% of revenue as a management fee for the past two years, court documents show. It’s also demanded the mines ministry pay US$5.9m in damages for not transferring a mining lease, blocking a sale to a company known as Afmine.
South Africa company Dark Fibre Africa (DFA) has opened its office in Harare, Zimbabwe, which the company says markets its first network expansion into African markets outside of South Africa. According to a statement issued by the DFA, the company's Zimbabwe operations are headed up by Simon Chimutsotso, a seasoned executive with extensive experience in rolling out telecommunications infrastructure in Zimbabwe, Zambia, and South Africa.
Total merchandise trade for January 2019 amounted to US$629.4 million with Zimbabwe's top merchandise export destinations in that same month being South Africa 53%, the United Arab Emirates 14%, Mozambique 7%, Kenya and Zambia 1%.
The country sourced imports mainly from Singapore, 31%, South Africa, 28%, China 11%; United Kingdom 4.4%; and Mauritius 3%.
Pick n Pay, under its joint venture deal in Zimbabwe, has approved an expansion programme in the troubled country despite waning consumer spending power and disturbances to operations in the past few months.The South African grocer has a partnership with TM Supermarkets in the TM Pick n Pay chain, which has just opened a new store in Victoria Falls, bringing its outlets in Zimbabwe to 56. TM Pick n Pay managing director, Malcom Mycroft has said: “Our expansion plan has already been approved by the board. "Separate local reports quote Mycroft further stating that TM Pick n Pay “will keep investing in Zimbabwe” as the market “has been good to us and we are very happy with the way the brand has been embraced” by local shoppers. TM Pick n Pay has been revamping and modernising some of its outlets in Zimbabwe to better stand competition.
The United States last Thursday opened a remarkably large and expensive (at US$300 million) embassy in Harare, the capital of Zimbabwe, a structure described by the U.S. ambassador as a symbol of America’s commitment to the people of Zimbabwe after decades of sanctions intended to weaken the heinous regime of longtime dictator Robert Mugabe. With help from Japan, the U.S. is competing with China for influence in post-Mugabe Zimbabwe.
The Government of Zimbabwe has put out an international bid inviting qualified and experienced consultants to submit their proposals for the implementation of the Kunzvi-Musami-Harare Water Project. The bidding notice from the Ministry of Lands, Agriculture, Water, Climate and Rural Resettlement confirmed this stating that the tenders are invited for the project that is set to ease water shortage in Zimbabwe.
The Commonwealth will send another delegation to Zimbabwe in the second half of this year as the country continues with its re-engagement efforts to re-join the grouping of former British colonies. Permanent secretary in the Ministry of Foreign Affairs James Manzou told a parliamentary committee Wednesday that the team will come to assess the country's political and economic situation.
President Donald Trump on Monday renewed sanctions imposed on Zimbabwe by another year, snubbing regional leaders who are calling for an end to the sanctions. Zimbabwe’s neighbours, including SA, have called for sanctions against the Sadc state to be lifted.
Zimbabwe on Tuesday allowed mining companies and other businesses to import their own fuel following shortages that have gripped the economy in the last six months due to a severe dollar crunch, a cabinet minister said.
Supplies of fuel in the southern African nation have been intermittent since September, which has seen motorists spending hours in queues at service stations.
Zimbabwean Finance Minister Mthuli Ncube said a rule requiring local investors to control platinum mines will be scrapped and foreigners will be allowed to own 100% in a bid to revive investment. “We are removing that indigenisation rule, which is discouraging foreign direct investment,” Ncube said in an interview with Bloomberg Television in Washington. “We say Zimbabwe is open for business; you can only be open if you allow ownership of 100%.”