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Bindura Nickel eyes Victoria Falls bourse listing

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BY TANYA BLAKE

Zimbabwe’s biggest nickel operation plans to list on the U.S. dollar-denominated stock exchange in Victoria Falls, as part of efforts to ignite foreign interest in the miner.

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Bindura Nickel Corporation has requested shareholder approval to delist from the Zimbabwe Stock Exchange and list on the Victoria Falls Stock Exchange, or VFEX, it said in a circular to shareholders published in the state controlled media on Friday.

The request follows board approval on October 15.

“VFEX avails the company an exchange control regime designed to attract international investors with the ease which they can deal in shares listed thereon as well as repatriate both their capital and earnings in US dollars,” the miner said.

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“After migrating to the VFEX, BNC will have a potential source of capital that matches its needs better than what is available through ZSE listing.”

VFEX is offering a raft of incentives including tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply to attract global capital.

Since opening in October 2020, the bourse has attracted two listings, and may soon have a third from Caledonia Mining Corporaton, Zimbabwe’s second-largest gold producer by volume.

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Kuvimba Mining House owns a majority stake in the miner, situated in Bindura, north of the capital, Harare.

It produced about 5 300 tonnes of nickel concentrate in the year through March, with the aim to boost that to 10 000 tonnes in the long term.

Shareholders will vote on the resolution at an extraordinary general meeting on December 13 – Mining Weekly

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National

Coal train in flames: NRZ locomotive damaged in fire incident

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BY WANDILE TSHUMA 

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

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According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.

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Ranger killed by elephant in Kariba

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BY NOKUTHABA DLAMINI 

A 62-year-old ranger, Josphat Mandishara, was tragically killed by an elephant in Kariba yesterday.

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Mandishara, who worked for the Zimbabwe Parks and Wildlife Management Authority (ZimParks), was on patrol in the Gatche-gatche area with fellow rangers and police officers.

At around 10 pm, Mandishara returned to the harbor where their boat was docked, and that’s when he encountered the elephant. The elephant charged at him, causing fatal injuries. His colleagues were nearby, resupplying at the Gatche-gatche Irrigation Scheme.

Mandishara’s body was taken to Kariba District Hospital for a post-mortem, and the incident was reported to the police.

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ZimParks has sent a team to manage the problem elephant and prevent similar incidents in the future.

The Director General of ZimParks, Prof. Edson Gandiwa, and his team have sent condolences to Mandishara’s family, friends, and colleagues. Mandishara will be remembered for his dedication to wildlife conservation in Zimbabwe.

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ZIMRA customs officer appears in court for criminal abuse of office

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BY STAFF REPORTER 

A Zimbabwe Revenue Authority (ZIMRA) customs officer, Phillip Kuvenga, has been accused of criminal abuse of office for allegedly assisting in the importation of banned motor vehicles.

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Kuvenga, 28, who is stationed at Victoria Falls, allegedly received documents from clients, completed valuation sheets, and carried out the valuation process. However, he is accused of endorsing different chassis numbers to deceive his supervisors during the validation and approval process.

After obtaining approval, Kuvenga would capture the correct chassis numbers in the ASYCUDA World System. He would then alter or replace the documents submitted earlier to his supervisors.

The offense came to light when a motor vehicle that had not yet arrived in Zimbabwe was found to have been already registered. A thorough check by ZIMRA led to Kuvenga’s arrest.

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Kuvenga appeared in court on February 1, where he was denied bail by Magistrate Gift Manyka. He is expected to appear in court again today for another bail hearing.

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