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President Emmerson Mnangagwa re-opens Eureka Gold Mine

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Eureka Gold Mine

Cde Mnangagwa yesterday officially re-opened Eureka Gold Mine in Guruve that is expected to produce at least 1,5 tonnes of the mineral when it reaches full production capacity in the next 18 months.

The re-opening of the mine follows a $60 million capital injection by Delta Gold. The mine that ceased operations 15 years ago, will also employ at least 400 people when operating at maximum capacity. In his address, Cde Mnangagwa said Government’s thrust was to partner investors to exploit the country’s resources for the benefit of communities and the nation at large.

“Here in Guruve, the resources that are underground are yours,” he said. “But if we do not exploit them they will remain underground while you remain poor.
“We, therefore, need investors that will assist us to exploit those minerals so that we develop as communities and as a nation. The resources can only be useful to us if they are exploited.”

Cde Mnangagwa said Government was focused on economic development more than politics.He said the re-opening of Eureka Gold Mine would contribute significantly to the country’s gold production.“The re-opening of the mine offers an opportunity for it to make its contribution to the nation’s gold output which is expected to reach 100 tonnes per annum in the next five years,” said President Mnangagwa.

“I urge you, therefore, to think big from the onset. There are now immense possibilities that abound in the sector.”President Mnangagwa urged the company to adopt new technologies to maximise output.

“Equally important is a need to gradually increase the employment capacity of the mine and foster mutually beneficial relationships with communities around the area in which you operate,” President Mnangagwa said.

He thanked the investors for the confidence they had shown in Zimbabwe.“This injection of $60 million into the resuscitation of this mine bears testimony to the confidence that investors have in the bright future of our country,” said President Mnangagwa.

“This landmark event, together with the re-opening of Shabanie Mine, among others, is indeed evidence of my Government’s resolve to leverage on our country’s natural resources endowments to grow our economy, create decent jobs and improve the standard of living of our people throughout the country.

“To this end, allow me to assure all investors that under my Government, investments are safe in Zimbabwe.”President Mnangagwa said Government would continue to facilitate exploration and establishment of new mines, re-open closed ones and increase capacity utilisation.

Eureka Gold Mine process director Mr Mike Evans said the mine would be equipped with a Carbon-in-Pulp plant which was a modern facility to trap gold.
Mr Evans said the mine would employ more than 400 workers.“Between now and construction, we will employ 250 to 300 and then 400 when we are in full production.

“We will start off with a target of about 150 kilogrammes of gold per month and as we go deeper we increase to 200kgs or more per month,” he said.
President Cde Mnangagwa donated 20 computers each to Guruve and Chimanikire primary schools. The mine re-opening ceremony was also attended by acting Minister of Mines and Mining Development Cde July Moyo, Minister of Environment, Water and Climate Oppah Muchinguri-Kashiri, senior government officials, local traditional leaders and villagers.

The Chronicle

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BUSINESS

African leaders boycott WEF Africa over xenophobic attacks in SA

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World Economic Forum on Africa

The presidents of Rwanda, Democratic Republic of Congo and Malawi have decided not to attend the World Economic Forum on Africa hosted by South Africa in the face of ongoing looting and burning of small businesses in that country, owned largely by African immigrants, local media reported on Wednesday.

The chairman of the African Union Commission Moussa Faki Mahamat has condemned the attacks, which have seen scores of people arrested in Johannesburg and the capital Pretoria.

Reports said Zambia had also cancelled a friendly football match with South Africa’s national men’s team Bafana Bafana scheduled for March.

Nigerian President Muhammadu Buhari instructed his foreign affairs minister to summon South Africa’s high commissioner to Nigeria over the violence.

Some South Africans say they are retaliating against crime committed by foreigners and the sale of illicit goods by foreign shop owners, but political analysts say African immigrants have become scapegoats for rising anger over joblessness and general economic woes.

In a statement on Tuesday, the African Union Commission’s Faki called for “immediate steps to protect the lives of people and their property, ensure that all perpetrators are brought to account for their acts and that justice is done to those who suffered economic and other losses.”

“The chairperson reiterates the African Union’s Commission continued commitment to support the South African government in addressing the root causes that led to these despicable acts, in order to promote peace and stability, within the framework of the African Union’s longstanding principles of continental solidarity,” his spokeswoman Ebba Kalondo said. African News Agency

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Econet goes into forex exchange. Launches bureau de change

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Ecocash Zimbabwe

ECOCASH has launched a digital mobile phone-based bureau de change in a move set to increase competition in the foreign currency exchange business.

The innovative facility, a first by a mobile money service provider, will likely revolutionise the business by providing the much-needed convenience to the platform’s 10 million registered customers.

According to the company, the new service will allow EcoCash customers to sell foreign currency in real-time and instantly have the local currency converted and credited to their wallets.

The move follows the granting of an operating licence to EcoCash by the Reserve Bank of Zimbabwe, which has an effect of increasing access to specialised digital financial services to millions of Zimbabweans.

Speaking at the launch of the service in Harare yesterday, EcoCash chief executive officer, Ms Natalie Jabangwe, explained how the service would work.

“Before performing a currency conversion transaction, one needs to fund their EcoCash wallet,” she said, adding that a wallet could be funded in a number of ways.

“You fund your wallet by doing a cash-in of physical US dollars (or forex) into the wallet. Or you fund your wallet over the counter, at any Econet Shop. You can also fund your wallet through a direct in-wallet receipt of remittances from the diaspora into your EcoCash wallet. This could be through existing EcoCash remittance partners, which include Cassava Remit, World Remit, Mukuru, Western Union, Money Gram, Orange Botswana and MTN.”
Ms Jabangwe said an EcoCash customer could also fund their wallet via a Nostro bank-to-wallet transfer on their phone, from their respective FCA bank account linked to the EcoCash FCA wallet. She said once the wallet was funded, a customer could then proceed to dial a dedicated EcoCash Bureau de Change menu on the access code *150# to carry out their transaction.

“Customers will be able to check the rate of the day, get a quote for the amount to be sold and receive instant ‘confirmation of sale’ of foreign currency and the ZW$ conversation amount – all this happening via their mobile phone,” Ms Jabangwe said.

Cassava Smartech CEO, Mr Eddie Chibi, the parent company of EcoCash, said: “We are excited to be the first and only mobile financial service provider in Africa to offer this innovative service to our customers, empowering them with a simple, convenient, fast and real-time Bureau de Change service that they can access and use to transact anywhere, anytime.”

He said the service will help customers access competitive exchange rates quickly, convert or change their money in real-time, and transact on a secure platform that they have come to trust.

Ms Jabangwe said EcoCash Zimbabwe continued to leverage on the dynamic innovation capabilities that technology gives by building new products and services that go beyond the early services of financial inclusion.

“The advantage of having a scaled transaction platform is that you can build new services in line with a changing market environment. Accessibility of these services on the mobile phone enables us to travel the journey with our customers towards more complex but necessary financial services in the future,” she said. The Chronicle

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BUSINESS

Eskom Begins 400MW Power Supply to Zimbabwe

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Fortune Chasi

ZESA Holdings has reportedly started receiving 400 Megawatts of electricity from South Africa power utility, ESKOM.

This comes after the latter accepted Zimbabwe’s payment plan which involves payment of US$890,000 per week to settle its long-standing debt with ESKOM.

Zimbabwe is currently generating about 692 megawatts against a daily peak demand of about 1 600MW to 2000MW in winter.
All sectors were projecting fewer revenues this year as a result of the crippling load-shedding which ZESA had implemented due to the power deficit in the country.

Some companies were contemplating closing some of their branches with OK Zimbabwe, one of the biggest retailers in the country, having already closed one of its shops in Rusape.

The main power generator in the country, Kariba South Hydropower plant, has reportedly been immensely affected by the shrinking water levels at the dam whilst Hwange thermal power is underperforming due to ageing equipment.

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