🇿🇼ZimbabweSouthern Africa
National Foods receives top ZITF honors as capacity expansion yields results
via NewsDay Zimbabwe1 min read
National Foods was recognized with top honors at the Zimbabwe International Trade Fair ZITF, a testament to the success of its capacity expansion initiatives. This news comes amidst other developments in Zimbabwe, including an Indonesian firm seeking distribution partners, foreign military attachés touring ARDA projects and commending Zimbabwe's agricultural efforts, and the Grain Marketing Board GMB beginning to settle outstanding payments to farmers for grain deliveries. Meanwhile, Invictus, operating in Zimbabwe since 2018, is exploring oil asset acquisitions while awaiting commercial production from its Cabora Bassa Project in Muzarabani District.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Zimbabwe is pursuing a US$150 million loan from the African Development Bank AfDB to tackle its debt default. This initiative follows earlier discussions in April where authorities, led by Ncube, engaged with countries including the UK, Japan, and Germany to secure US$2.5 billion. The country is also focusing on economic growth, evidenced by a US$650 million investment vision and efforts to boost value-added exports, which have contributed to a narrowing trade deficit. Additionally, Zimbabwe is setting in motion plans for a US$25 million climate recovery boost. Other developments include the appointment of Rukweza as the Lithium Association of Zimbabwe chair and FBC Holdings achieving ISO/IEC 27001:2022 certification.
Premier African Minerals Ltd has secured approximately US$1.02 million £800,000 through a subscription for 4 billion new shares, priced at about 0.026 cents 0.02p each. This capital injection is intended to fund operational activities and general working capital for its Zulu lithium and tantalum project in Matabeleland South. The funding follows the recent announcement of the first production of spodumene concentrate from the project's newly commissioned flotation plant. The company plans to use these funds for ongoing optimization work on the plant and to refine operating parameters, providing "breathing room" to manage expenses and creditors as the project moves towards sustained commercial production. Managing director Graham Hill noted that while the flotation circuit is producing concentrate as expected and operational stability has improved, optimization efforts are continuing to ensure long-term success. The Zulu project is a key asset for Premier African Minerals and is under close scrutiny by investors due to past technical challenges and delays. The company's current focus is on improving concentrate quality and recovery rates to achieve consistent production from its significant lithium resource. The new shares are expected to begin trading on the AIM market on June 17.
Must ReadZimbabwe is reportedly seeking a loan of US$150 million from the African Development Bank AfDB. This financial assistance is intended to help the country address its debt default situation. The information was published by AMH, an independent media house in Zimbabwe.