Zimbabwe Economic News: Caledonia Bullish on Gold Output, 65 Countries Registered for UNWTO Indaba, Meikles gets funding for capital projects
Caledonia bullish on gold output
Toronto Stock Exchange-listed Caledonia Mining Corporation expects its Zimbabwean associate, Blanket Mine, to exceed the targeted annual gold output by 10% this year. The projection by Caledonia came after gold production in the 2013 second quarter came in well ahead of budget and immediate previous production records. Output at Blanket, an indigenised associate of Caledonia Mining Corporation, however, declined to 22 060 ounces in the first half of the year from 24 739oz in the last six months of last year, having risen from 20 724oz in the first half of 2012 – Herald, Thursday August 15
Zim firm in JV with Swiss company
A Zimbabwe-based firm, Oxygen Group, with interests in venture partnerships and business advisory, has partnered a Swiss company Meeco Group to promote and develop the use of solar energy in the country. The development is expected to minimise power supply problems as Zimbabwe is facing low generation capacity largely due to a shortage of funds to initiate new power-generation plants. Oxygen Group executive director Simba Mhuriro disclosed yesterday that his firm recently signed a Memorandum of Understanding with Meeco Group with the aim of promoting and developing the solar energy solutions of the Switzerland-based company in Zimbabwe – NewsDay, Thursday August 15
65 Countries Registered for UNWTO Indaba
THE Ministry of Tourism and Hospitality Industry has accredited 65 countries out of 156 United Nations World Tourism Organisation (UNWTO) member countries ahead of the UNWTO General Assembly to be held later this month, a government official has said.
Zimbabwe and Zambia will co-host the 20th session of the UNWTO general assembly from August 24 to August 29 in Victoria Falls and Livingstone respectively.
Government has so far spent over $4 million in preparing to co-host the event with Zambia.
Speaking at the TelOne Information Communication Technology sponsorship package handover ceremony on Wednesday in Harare, outgoing Tourism and Hospitality Industry minister Walter Mzembi said UNWTO’s membership includes 156 countries, six associate members and over 400 affiliate members representing the private sector, educational institutions, tourism associations and local tourism authorities.
He, however, said the remaining 15 countries to be accredited was work in progress.
“To date we have accredited 65 countries on the Zimbabwean side which translates to an excess of 650 rooms or so. We have 15 countries on the waiting list and now we have to make available 121 additional rooms that we have to book in,” Mzembi said. Newsday Monday 19
Meikles Gets Funding For Capital Projects
MEIKLES Limited has secured funding for its capital projects as the Zimbabwe Stock Exchange-listed group reported modest interims for three months to June 30 with most divisions showing growth.“The group has secured long-term funding for all its projects being the refurbishment of the hotels, the plantation development in Tanganda and the refurbishment and outfitting of new stores in TM Supermarkets,” Meikles said in a statement.
“This funding is in line with the group’s financing policies, previously disclosed to shareholders.”
The company said progress had been made in getting better terms on the funds held on deposit with the Reserve Bank of Zimbabwe.
“The discussions are nearing conclusion and will result in a higher interest being accrued on the deposit, with a retrospective implication.”
The shareholder agreements pertaining to mining in partnership with Centar were concluded in June 2013 resulting in the formation of a new company, Meikles Centar Mining Limited. The Herald Monday 19