Zimbabwe Economic News: Zimplats Record 76% Growth, Investment Sought from EU & $100m Loan Facility for Zim Companies

Zimplats Record 76% Growth

Zimbabwe's largest platinum miner, Zimplats Ltd recorded a 76% growth in operating profit for the quarter ended March 2014 compared to a 3 months
period ended December last year due to improved metal prices on the global market.

 

Operating income increased to $36 mln recorded in the quarter from $20 mln in 3 months to December 2013, and was 45% down the quarter ended 2013, the Australian Stock Exchange listed company said in a statement yesterday. Revenue increased 9% to $137 mln from the quarter ended December 2013, but 19% down from the same quarter last year - Herald, Thursday May 1 also in NewsDay, Daily News, ZimMail

Captains of Industry and Commerce Court EU

Zimbabwe's captains of industry and commerce are this week set to meet their European Union counterparts in South Africa as part of efforts to attract foreign direct investment into the country.

Confederation of Zimbabwe Industries (CZI) president Charles Msipa yesterday told NewsDay Business that the Zimbabwean delegation would
comprise CZI, Bankers' Association of Zimbabwe and Chamber of Mines of Zimbabwe representatives. "We will meet the European Chamber of Commerce and encourage them to invest in Zimbabwe. The country has not received meaningful investments in the past 14 years. We have never had dialogue with investors. We are starting to engage with potential investors," Msipa said.

Early this year, a Zimbabwean delegation toured several European countries and South Africa to drum up investment support. Msipa said the recent pronouncements on the flexibility of indigenisation laws were encouraging for investors. NewsDay - May 6, 2014

$100m Loan Facility for Zim Companies

THE Indian government has availed a $100 million loan facility which gives Zimbabwean firms access to funds to buy machinery from that country, a Government official said. In an interview, Industry and Commerce Minister Mr Mike Bimha said finer modalities of the buyers credit facility were being worked out.

"We are still finalising modalities with the Ministry of Finance on the credit facility and we are going to engage the Indians on the way forward,"
Minister Bimha said. "There is a lot to be done first before this loan facility can be accessed by companies," he said. The loan facility will help to revive distressed companies in the country and halt further deindustrialisation. Bulawayo alone has seen more than 80 companies closing down in the past few years, leaving more than 20 000 jobless. Herald - May 6, 2014