· Press Release: PPC; CBZH
· AGM Notice: CAFCA
· Cautionary Announcement: Econet and Ecocash
· Dividend Announcement: Caledonia
· Trading Update: Econet; Caledonia; Karo Mining
Press Release: PPC; CBZH
The Board of Directors of PPC approved the introduction of an Executive Committee (EXCO) for its South African business, meant to improve profitability and operational efficiencies. The new roles include a Chief Operations Officer to focus on increasing efficiencies, productivity and cost reduction initiatives; a Chief Strategy Officer who will work to implement various profit improvement initiatives, and a Chief Revenue Officer (Mokate Ramafoko) who will drive the creation of a single revenue engine and boosting the company’s top line.
CBZ Holdings Limited issued a notice to shareholders of First Mutual Holdings Limited, further to the notice dated 10 October 2023 relating to the acquisition by CBZH of a 36.35% shareholding in FMHL. The notice seeks to advice shareholders that CBZH is in the process of engaging all relevant stakeholders and is now at a stage of valuating a fair and reasonable price on the Mandatory Offer in accordance with the ZSE Listing Requirements.
AGM Notice: CAFCA
CAFCA announced that it will hold its 78th Annual General Meeting (AGM) at 12:00pm on Thursday, the 22nd of February, 2024 at CAFCA LTD, 54 Lytton Road, Workington, Harare. The meeting’s agenda will be centred on ordinary business resolutions, with no special business resolution.
Cautionary Announcement: Econet and Ecocash
Associate companies, Econet Wireless Zimbabwe Limited and EcoCash Holdings Zimbabwe Limited, announced that they are in negotiations to transfer some non-banking assets from EcoCash Holdings Zimbabwe Limited to Econet Wireless Zimbabwe Limited in exchange for Econet shares that may be distributed to the EcoCash Holdings Limited Shareholders. Furthermore, this transaction will not lead to the delisting of either company.
Dividend Announcement: Caledonia
The Board of Directors of Caledonia Mining Corporation Plc declared a quarterly dividend of 14 United States cents (US$0.14) which will be paid on the 26th of January, 2024.
Trading Update: Econet; Caledonia; Karo Mining
In a Trading Update for the 3rd quarter ended 30 November 2023, Econet reported a 177% growth in inflation adjusted revenue against the corresponding period last year. The growth in revenue was driven by inflation-led price adjustments, along with a growth in volumes (voice and data traffic). Owing to network modernization efforts, voice and data traffic surged by 28% and 26% respectively. On the downside, the Group succumbed to exchange losses of 20% of overall revenue, against 26% in the prior year. Econet said the reduction in the magnitude of exchange losses in the period under review is attributable to the successful settlement of debentures in September, which reduced exposure to foreign obligations. In the period under review, Econet closed the renounceable rights offer of new ordinary shares to raise US$30.3 million which was used to redeem debentures issued by the Company which matured at the end of April 2023.
In the quarter and year ended 31 December 2023, Caledonia Mining Corporation Plc met its production targets. Blanket mine produced a total of 75,416 oz of gold in the year, while the target range was between 74,000 to 78,000. In the 3-months to 31 December 2023, Caledonia produced a total of 20,172 oz of gold at Blanket mine, representing 27% of the annual aggregate production. The company expects a total capital expenditure of US$34.4 million in the ensuing 2024 fiscal year, which include the planned exploration at Motapa and further work on the Bilboes feasibility studies.
The company is yet to start production and therefore did not report any revenue for the period. Due to a substantial fair value gain of financial liabilities at fair value through profit or loss, Karo recouped a loss position of (US$13.3 million) recorded in 2022 to a positive profit after tax of US$13.5 million in 2023. To partially fund the development of Phase 1 of the Platinum Project, Karo raised a US$36.8 million debt which was successfully listed on the VFEX before a further US$65 million support from Tharisa. The project is being developed on the Great Dyke in Mhondoro-Ngezi, Mashonaland West Province. Karo Mining said it commenced with bulk earthworks and construction of civils in December 2022 while open pit pilot mining commenced in June of 2023 with the objective of optimising the mining methods and producing ore to further test and refine metallurgical processing.
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