Shelter and pipe products manufacturer, Turnall Holdings’ turnaround process which began in September 2014 has begun to pay dividends as it returned to profitability in the year to December 31, 2015. The group posted a profit of $106 938 which was a recovery from a loss position of $11, 9 million in the prior year. The performance was largely due to the group’s decision to diversify its suppliers which resulted in significant cost saving on key inputs especially chrysotile fiber.

Other strict cost control measures include aspects like cost of sales lower at $22, 4 million from $32, 3 million; administration expenses at $3, 8 million, 71% below prior year; financing cost decreased by 6%.

The group is also expecting to reap further rewards from a combination of rightsizing the business, further cost reduction and capturing market opportunities.

Reuters reports that Glencore’s plan to invest over $1.1 billion in Zambia to sink three copper mine shafts with new technology that will extend mine life by over 25 years, is pushing the kwacha to its highest in two months.

“The news from Glencore obviously sent a positive signal but overall we are seeing a lot of dollar supply with very little demand,” analyst Maambo Hamaundu said.

Glencore plans to make the investments between now and 2018 and it was expected that Mopani Copper Mines (MCM) would be turned into a world-class mining operation by 2023.

The government of Zimbabwe plans to establish 32 gold processing centers in small-scale mining areas around the country to increase their contribution to the national output, a senior government official has said. The centers would offer various services such as gold milling, collection points as well as assisting with Environmental Impact Assessments. Mines and Mining Development deputy Minister Fred Moyo said the centers would be equipped with machinery acquired from China under a Chinese Export and Import Bank credit facility.

“But, freight is on our account, so we are deliberating with the Reserve Bank to see whether they and the Banks Association can come together to raise an amount of $1.5 million which we will use to move the equipment worth $5 million from China to Zimbabwe.”Deputy Minister Fred Moyo said.

He also said Mashonaland West, Mashonaland Central, Midlands and Matabelel South provinces would get the bulk of the gold centers and equipment.

Minister of Mines, Christopher Yaluma, says Zambia is politically stable and has assured investors that their investments are safe even when the country goes to elections in August this year.

And the Minister held a meeting with the Oil and Gas Council in the United Kingdom to discuss on how the entity could collaborate with Zambia to explore and extract the vast potential petroleum resources in the country. During which Mr. Yaluma said Zambia has maintained a reputable record of peaceful and democratic elections which makes the country a conducive place for doing business.

He said the London meeting was a success, and expressed optimism that it would attract more investment into Zambia for the benefit of the people.

GOVERNMENT has urged suppliers of alternative sources of energy to reduce their prices for the commodities to reduce the demand for hydropower supply and ultimately mitigate load shedding.

Livingstone District Commissioner Omar Munsanje said there was need for suppliers of alternative sources of energy to reduce their prices for the commodities so that more people could access the tools.

Livingstone based environmentalist Benjamin Mibenje said there was need to discourage the use of charcoal as an alternative source of energy because the practice was contributing to climate change.