Zimbabwe Economic News: EU Investment Bank, Blanket Mine, RioZim's Sengwa thermal station
EU Investment Bank set to resume business with Zim
In a positive development, the European Investment Bank, one of the major investment financial institutions in Europe is set to resume business with
Zimbabwean companies as Western nations intensify re-engagement efforts.
Officials from the bank, the lending arm of the EU, visited Zimbabwe early this year to scout for opportunities and yesterday the EU ambassador to Zimbabwe, Aldo Dell'Ariccia, confirmed the return of the institution - Herald, Thursday May 9.
Blanket Mine in solid performance
Meanwhile back home, Caledonia Mining Corporation's local unit Blanket Mine recorded gold sales amounting to 11 964 ounces in the first quarter ended March in another solid performance for the group. In a trading update Caledonia said during the first quarter the cash operating cost per ounce of gold produced in the quarter increased to $669 from $605 in the preceding quarter.
Overall cash cost fell to $7 mln compared with $7.2 mln in the preceding quarter, but the cost per ounce of gold produced increased due to the lower gold production during the quarter.
During the period under review, Blanket produced 10 472 ounces of gold. The company said the deep exploration drilling at the mine below 750 metres has commenced with the first exploration hole into the Blanket ore body having been completed and intersected - NewsDay, Tuesday May 14
RioZim in Sengwa due diligence
Furthermore, RioZim says it is carrying out a due diligence exercise to produce an initial 150 megawatts at its Sengwa thermal power station project. Ashton Ndlovu, RioZim CEO said the group was considering various options to fund the first phase of the Sengwa power plant, targeted at producing a total 2 000MW on completion at approximately $3 bln - Daily News, Tuesday May 14
Tobacco deliveries hit 120 mln kg
Zimbabwe is edging closer to its targeted 170 mln kg of tobacco this year with deliveries reaching 120 mln kg worth $441 mln since the opening of the 2013 selling season in mid February. Last year a total of 140 mln kg worth $517 mln of tobacco were sold - Daily News, Wednesday May 15