Tongaat Hulett, which produces sugar in Zimbabwe and South Africa expects a half-year loss due to July riots in South Africa and Zimbabwe inflation.
This is so because the majority of the profits are generated in Zimbabwe, and the interest and tax is carried in SA, THL’s share of the profits for the period is negative.
Meanwhile, Zimplats, the country’s biggest platinum producer, says its board has approved new capital investment worth US$1.8 billion in Zimbabwe, with US$1.2 billion already committed for implementation.
The investment will be spread out over the next ten years, starting in 2021, and involves the development of a new mine, expanding processing capacity and cutting emissions, Zimplats said in a statement on Monday.
