- Murray & Roberts subsidiary M&R Cementation has been awarded a R2.6-billion contract by De Beers to develop an underground mine beneath De Beers' open pit Venetia diamond mine in Limpopo, South Africa. - The contract involves sinking a decline shaft and two vertical shafts, as well as equipping and commissioning the entire underground mine. - This is one of the largest single contracts awarded to Murray & Roberts since the Eskom power build program.

1. News Update as @ 1530 hours, Wednesday 23 2014
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
By Oliver Kazunga Senior Busi-
ness Reporter
CABINET has approved strategies
aimed at promoting value addition
and beneficiation in the mining sec-
tor to grow the economy in line with
the Zimbabwe Agenda for Sustaina-
ble Socio-economic Transformation
(Zim-Asset).
Addressing delegates at the ongoing
2014 Mine Entra Conference in Bula-
wayo, Mines and Mining Development
Minister, Walter Chidhakwa said in
order to drive the economy forward
Cabinet agreed to prioritise value
addition and beneficiation in the dia-
mond sector, implementing the coal-
bed methane gas project in Lupane,
as well as promoting mineral benefi-
ciation on resources such as iron ore,
chrome, coal, and nickel deposits.
“In Cabinet yesterday (Tuesday) we
agreed that we institute and imple-
ment the three. We cannot continue
exporting our rough diamonds with-
out value addition but to sell polished
diamonds.
Over the last two months, we have
been looking at negotiations with
investors for our diamonds.
“We are looking at the possibility of
trading diamonds for value addition.
We know there are people (foreign
market) that have the experience for
manufacturing jewellery and exten-
sive marketing of jewellery, we want
to sell to you our diamonds; we must
have a foot print to say a certain
percentage is going as polished dia-
monds; a certain percentage is also
going out as Zimbabwe jewellery.
Let me assure you that we have done
a sufficient amount of work in that
regard,” he said.
He said the second area that Govern-
ment was prioritising was the coal-
bed methane gas project in Lupane.
“We have started pumping of the
gas out of Lupane, a true historical
moment....the gas will be used for
the production of energy and ferti-
lizer.
We also see the significant develop-
ment of petrol-chemical industry as
we purify the gas,” he said, adding
that the third area of focus was nat-
ural resources such as chrome, coal
and nickel deposits.
As Government forges ahead with
value addition and beneficiation, he
said the ban on raw chrome export
would be kept in place.
He said Government was also looking
at restructuring his ministry as well
as computerising systems to elimi-
nate corruption as well as improving
efficiency and mineral output. ―
Chronicle. •
Cabinet approves value addition strategy
Minister Chidhakwa

2. BH24

3. 3 NEWS
By Sifelani Tsiko
Listed beverages concern, Delta Cor-
poration, is reportedly pressing ahead
to close 15 customer collection depots
(CCDs) as part of strategies to contain
costs and rationalise operations.
Sources said this move is likely to lead
to hundreds of job losses.
This comes as the beverage maker’s
lager and soft drinks volumes fell 21
and 8 percent respectively for the first
quarter ending June 2014. However,
sorghum beer volumes increased 15
percent as hard pressed consumers
resorted to the cheaper opaque beer
brands.
“At least 15 CCDs have been closed in
Harare and other parts of the country
because of the tight business environ-
ment. Jobs are being lost and we sim-
plydon’tknowwhatsgoingtohappen,”
a source said
Delta Corporation company secretary
Alex Makamure could neither confirm
nor deny the closure of the depots.
“The company has over the years
intensified direct deliveries to custom-
ers to improve service and have face
to face contact with our retail part-
ners. This will invariably result in the
throughputatsomeoftheCCDsreduc-
ing to unsustainable levels.
We therefore review each business unit
periodically based on viability, seasonal
business trends, customer service and
other parameters, including adjust-
ments to opening hours.
We have no programme for a whole-
sale closure of depots,” he said in a
response
Delta has a total of 35 depots country-
wide, which act as either customer col-
lection depots or distribution centres.
The tight liquidity conditions prevailing
in the country has hit beer retailers
and consumers hardest, resulting in
reduced demand for beer at the cus-
tomer collection depots.
“Consumer demand remains
depressed in line with prevailing sub-
dued economic performance. The
stretched consumer is now focusing on
value for money products,” the com-
pany said in its Q1 trading update.
The company’s earnings have been on
a decline after it recorded a 9 percent
decline for the full year to March 2014.
Delta controls about 96 percent of the
beer market and about 92 percent of
the sparkling beverages in the country.
•
Delta in depot closures?

4. BH24

5. 5 NEWS
By Rumbidzayi Zinyuke
Zimbabwe’s dairy industry is beginning
to show signs of recovery after raw
milkproductionforthefirsthalfof2014
went up marginally as the availability
of stock feed as well as the number of
heifers in the country increase.
Production was depressed in the first
quarter as producers struggled with a
shortage of stock feed exacerbated by
the stifling economic situation.
Regional dairy officer Addmore Wan-
iwa last month said the availability of
harvested crop had positively impacted
on affordability of stock feed and this
would positively affect milk production
in the first half and going forward.
Figures released by the Dairy Services
Department in the Ministry of Agri-
culture, Mechanisation and Irrigation
reveals that production for the six
months to June was 26,7 million litres.
This was 1 percent higher than the
same period last year.
Retailers took up 23,9 million litres dur-
ing the period under review up from
23,8 million in the same period last
year. Milk retailed by producers totalled
2,8 million litres as compared to 2,6
million litres last year.
On a month-on-month basis, produc-
tion for June was 3,52 percent up at
4,5 million from 4,3 million litres last
year.
The country’s dairy industry has been
struggling and this has resulted in dairy
companies failing to meet national
demand of 120 million litres per
annum.
Last year, producers failed to meet the
production targets of 70 million litres
after recording 54,6 million litres of
milk down from 55,9 million litres in
the previous year.
The dairy industry is currently oper-
ating at 45 percent capacity with an
estimated 223 registered dairy opera-
tors and a dairy herd of about 26 000
animals.
At its peak in 1999, Zimbabwe pro-
duced over 150 million litres of milk
annually and was exporting into the
region and beyond. •
First half milk production marginally up

6. BH24

7. By Lynn Murahwa
Banking giant Cabs says it will seek
to raise at least $70 million dollars in
lines of credit by the end of the year
from its mortgage securitisation deal.
Speaking at the launch of the bank’s
new look, managing director Kevin
Terry said the group will raise $50
million by the end of this month with
hopes of acquiring a further $20 mil-
lion by the end of the year.
"By the end of this month we will
have access to over $50 million dol-
lars in lines of credit and by the year
end we hope to access a further $20
million in terms of a mortgage securi-
tisation deal we are currently working
on,” he said.
He said the money would be chan-
nelled toward the bank’s housing
schemes and other
Terry said Cabs was working on
launching a Visa MasterCard in the
future in line with the group’s new
vision.
"We started a Visa MasterCard pro-
ject that will be operating on the
Zimswitch network in the near future,
we started up our mobile banking unit
'Textacash' which we originally con-
ceived as an entry into the unbanked
informal sector but we discovered
that it subsequently migrated into our
traditional customer base," he said.
He added that the group will also be
launching a mobile phone application
at the end of the month to maintain
convenience and ease of accessibility.
"We will be launching a mobile Smart-
phone app at the end of this month
to continue this journey to making
banking more convenient and more
accessible. This is a new beginning for
Cabs, we have many new beginnings
in life and this is just one," said Terry.
He also said the new look by Cabs will
be implemented in all its branches
starting this September.
"Now the time has come and we have
a new brand and soon a new look in
our branches, the first of those will
roll out in September and there will
be a gradual rollout throughout the
rest of our branch networks over the
next couple of years," said Terry. •
7 NEWS
CABS to raise $70 million lines of credit

8. BH24

9. AdM-DI156506-
BH24

10. By Funny Hudzerema
Communal and A1 resettlement farm-
ers dominated this year’s tobacco
deliveries raking in more than half of
the $671,5 million realised from the
sale of the golden leaf to date.
According to latest statistics from the
Tobacco Industry Marketing Board,
more than 17 000 auction tobacco
farmers brought in their crop from the
communal areas across Zimbabwe
and another 21 562 delivered the con-
tracted crop from the same areas.
Communal farmers sold tobacco worth
$169,2 million this season while A1
resettlementfarmersdeliveredtobacco
worth $148.3 million. Over 31 000 A1
farmers delivered their crop to auction
floors.
TIMB said approximately 9 300 A2
farmers brought in 64 million kilo-
grammes of the golden leaf worth
$254 million while 7 189 small scale
commercial farmers delivered 23,9
million kgs of tobacco worth $71,3 mil-
lion.
The marketing season ended last
month with almost 50 million kg sold
through auction, more than 160 million
kgs worth $535 million was accounted
for by contract sale which continues
until end of August. This year’s average
prices have been lower at $3,17 from
$3,69 last season. Despite the higher
prices of contracted crop at $3,32, the
auction crop fetched a significantly
lower price of $2,69.
Indications, according to experts, are
that most of the country’s tobacco pro-
duction will continue to be sold under
contract as growers are unable to fund
their operations •
10 AGRICULTURE
Communal farmers dominate tobacco deliveries

11. The equity market was back in the red
today dipping 0,13 percent despite
six counters trading in the positive
and only one trading in the negative.
The Industrial index lost 0.25 points
to close at 185.61 points as retail
giant OK dropped 0.99 cents to trade
at 16 cents.
Gains were recorded in cement maker
Larfage which recovered 5 cents to
trade at 60 cents and ZB Financial
Holdings which added 2 cents to close
at 6 cents.
Econet was up a cent to trade at 74
cents and ZPI rose by 0.05 cents to
settle at 0.85 cents.
The Mining index went up 1.80 points
to close at 59.24 points as Bindura
gained 0.20 cents to 4.80 cents.
Falgold , Hwange and RioZim were
unchanged at previous trading levels.
. ― BH24 Reporter •
11 ZSE REVIEW
Equity markets back in the red

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13. Dairy products are one of the strate-
gic commodities in the economy of
Zimbabwe, since they are not only a
major consumer item but also a main
source of farm income and employ-
ment in various parts of the country.
But milk production has been failing to
meet demand as the industry grapples
with a myriad of challenges brought
about by a challenging economic sit-
uation.
The dairy industry is currently oper-
ating at 45 percent capacity with an
estimated 223 registered dairy oper-
ators. At its peak in 1999, Zimbabwe
produced over 150 million litres of
milk annually and was exporting into
the region and beyond but now we are
a net importer of milk and milk prod-
ucts.
Last year production was 54,6 million
litres, a figure far less than the tar-
geted 70 million litres which still falls
short of the national demand of 120
million litres per annum.
The low supply of raw milk is contrib-
uting to the high import bill as dairy
companies import whole powdered
milk to supplement.
Although production went slightly up
in the first half of 2014 to 26,7 million,
the figures are still too low to cover the
shortfall by year end.
So we are still stuck with a huge
import bill for milk and its products.
But really, are imports the best solu-
tion we can come up with?
Zimbabwe already has a huge import
bill without adding things like milk to
it. Government should put in place
measures to eliminate the need to
import milk. We have our dairy farm-
ers who only need to be capacitated to
increase their production.
Nestle and Dairiboard have been
proactive in increasing the national
herd by importing heifers. Dairiboard
has many outgrower schemes for
its dairy cows especially in Chipinge
where their sterilised milk plant is. The
move to increase the national herd by
importing heifers has contributed to
the increased the number of milking
cows and subsequently the increase in
milk production.
The heifer importation scheme is
expected to provide an additional four
percent of raw milk per month.
Although we applaud their initiatives,
we feel there is more to be done.
The price of local milk and milk prod-
ucts is higher than that of imports.
This should be addressed as soon as
possible.
The short-term response of milk out-
put to prices will be mainly in the form
of yield increases. If the big proces-
sors can support the small scale farm-
ers, yield will invariably increase and
[prices will go down.
Government should also work on pol-
icies that make dairy farming in Zim-
babwe more profitable so that local
dairy products can be able to compete
with imports in terms of prices. People
should identify with their products and
it will only happen if they can afford to
buy those products from the shelves
where they have a wide selection of
cheap imported products. •
13 BH24 COMMENT
Zimbabweans need to identify with local milk products
Powdered milk

14. BH24

15. In what could be the single-largest
contract awarded to construction
major Murray & Roberts (M&R) since
the Eskom power build programme,
M&R subsidiary M&R Cementation
has secured a R2.6-billion contract to
develop an underground mine beneath
diamond major De Beers’ open pit
Venetia mine, in Limpopo.
The contract will see M&R developing
the entire underground mine and will
include the sinking, equipping and
commissioning of a decline shaft and
two vertical shafts; horizontal tunnel
development to provide access to and
the establishment of loading levels; as
well as the development of associated
ventilation, ground and water handling
infrastructure.
M&R group CEO Henry Laas said on
Tuesday that the group’s local project
team would be complemented with
project management and operational
capacity from its cementation mining
companies in Australia and Canada.
The “more advanced” Canadian
shaft-sinking methodology would be
used for sinking the vertical shafts,
with M&R subsidiary Cementation Can-
ada providing specialist training for the
shaft sinking crews.
“The Canadian shaft-sinking model
is designed for all activities in the
shaft-sinking production cycle to be
undertaken in-line.
Although good sinking rates are pos-
sible with this methodology, the pri-
mary drive in the transition to this
methodology is improved safety, as no
concurrent shaft-sinking activities are
required,” Laas explained.
The Venetia mine is currently South
Africa's largest producer of diamonds,
contributing 40% of the country's
yearly production.
De Beers expects to invest about
R20-billion in the Venetia underground
mine to extend its life to beyond 2040,
with the conversion from an openpit
to underground operation expected to
begin in 2021. ― Mining weekly •
15 REGIONAL News
Murray & Roberts awarded mammoth R2.6bn Venetia mine contract
Deals worth $900m to be unveiled at Africa Summit
Companies will unveil at least $900
million in business deals at a US
summit on investment in Africa next
month, according to the Commerce
Department.
The US-Africa Leaders Summit, to be
held August 4-6 in Washington, will be
the forum for companies to announce
the deals, which include some US
government funding, agency spokes-
woman Marni Goldberg said today
in an e-mail. She didn’t have further
details.
TheUSandChina,theworld’stwolarg-
est economies, are both vying for influ-
ence in Africa, which is rich in natural
resources and home to a growing mid-
dle class. The summit, which President
Barack Obama’s administration says is
the largest for a US president and Afri-
can heads of state, will focus on trade
and investment.
US business executives and leaders
from 45 African nations are scheduled
to attend, according to the Commerce
Department. The event, which isn’t
open to the public, will include sessions
onhealthcare,foodsecurity,infrastruc-
ture,andregionalstability,accordingto
an agenda. ― Bloomberg •

16. BH24

17. 17 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
14 July 2014
Energy
(Megawatts)
Hwange 421 MW
Kariba 750 MW
Harare 45 MW
Munyati 29 MW
Bulawayo 0 MW
Imports 0 MW
Total 1245 MW
23 -25 July - Mine Entra, Place: Zimbabwe Inter-
national Exhibition Centre, Bulawayo
24 July - OK Zimbabwe Thirteenth Annual Gen-
eral Meeting Place: OKMart Functions Room,
First Floor, OKMart, 30 Chiremba Road, Hillside, Time:
15:00 hours.
1 August - Sixteenth Annual General Meeting
of the members of Econet Wireless Zimbabwe
Limited, Place: Econet Park, 2 Old Mutare Road,
Msasa, Harare, Time; 10.00am
THE BH24 DIARY

18. BH24

19. 19 zse
ZSE
Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc
ZB 50.00% 6.00 OK ZIM -5.82 16.00
LAFARGE 9.09% 2.90
ZIMRE 6.42% 13.00
BNC 4.34% 1.90
MASH HOLDINGS 4.16% 258.00
ECONET 1.36%
Indices
Index Previous Today Move Change
Industrial 185.93 185.72 -0.21 points -0.11%
Mining 57.83 57.44 -0.39 points -0.67%
Stocks Exchange

20. BH24

21. 21 AFRICA StockS
Botswana 8,664.65 -11.96 -0.14% 12July
Cote dIvoire 246.37 +2.18 +0.89% 07Mar
Egypt 7,949.60 -75.68 -0.94% 06Mar
Ghana 2,354.16 -7.26 -0.31% 18June
Kenya 4,896.77 -13.83 -0.28% 21July
Malawi 12,662.47 +0.00 +0.00% 07Mar
Mauritius 2,074.51 -3.51 -0.17% 07Mar
Morocco 9,544.10 +21.01 +0.22% 07Mar
Nigeria 42,784.30 -107.52 -0.25% 21July
Rwanda 131.27 +0.00 +0.00% 24Oct
Tanzania 2,018.97 +25.40 +1.27% 07Mar
Tunisia 4,624.39 -39.32 -0.84% 07Mar
Uganda 1,503.90 +0.81 +0.05% 10Sep
Zambia 4,242.74 +14.95 +0.35% 10April
Zimbabwe 185.72 -0.21 -0.11% 21July
African stock round up Commodity Prices
Name Price
Crude Oil 1,300.91 -0.21%
Spot Gold USD/oz 1,292.63 -0.26%
Spot Silver USD/oz 19.38 -0.46%
Spot Platinum USD/oz 1,421.25 -0.33%
Spot Palladium USD/oz 798.50 -0.64%
LME Copper USD/t 6,770 -0.18%
LME Aluminium USD/t 1,780 -1.17%
LME Nickel USD/t 18,230 -1.73%
LME Lead USD/t 2,095 -1.41%
Quote of the day — "Our doubts
are traitors and make us
lose the good that we oft
may win by fearing to at-
tempt." ― William Shake-
speare
Globalshareholder.com

22. Apple Inc. (AAPL) signaled that the long
waitfornewproducts isnearinganend.
With bigger-screen handsets in devel-
opment, Apple said yesterday that
shoppers are delaying buying new
iPhones,whichwillweighonsalesinthe
current quarter ending in September.
Yet rather than dissuade buyers from
procrastinating, Apple stoked anticipa-
tion for new devices on a conference
call, with Chief Executive Officer Tim
Cook talking about an “incredible pipe-
line” that “we can’t wait to show you,”
and finance chief Luca Maestri declaring
it would be a “very busy fall.”
Looking ahead to new gadgets is the
main reason investors barely reacted to
Apple’s fiscal third-quarter results yes-
terday.
The world’s most valuable company
posted a 12 percent rise in net income
to $7.75 billion and a 6 percent revenue
increase to $37.4 billion, with strong
iPhone and Mac sales making up for a
drop in iPad demand.
Even so, Apple shares were little
changed in extended trading, after ris-
inglessthan1percentto$94.72atyes-
terday’s close in New York.
Instead, investors were buzzing about
Apple’s coming slew of products. The
Cupertino, California-based company,
which hasn’t released a new mobile
device since last year, is working on
larger-screen iPhones, a potential wear-
able device and an upgrade to Apple TV,
people familiar with the plans have said.
“You’dhavetoliveinacavetonotknow
that Apple is coming out with a big new
batch of iPhones,” said Michael Binger,
a senior portfolio manager at Gradient
InvestmentsLLC,whichmanagesabout
$600 million and owns Apple stock.
“We’re coming in to a big time for Apple
in the back half of the year.”
Apple has released new iPhones each
September for the past two years. ―
Bloomberg •
22 INTERNATIONAL NEWS
Apple hints new products near with bigger iPhones looming

23. The past few weeks provided me a
rare chance to listen to a different view
about investment and innovation on
the African continent. I wish to share
that through this short article.
Clearly, the continent is an emerging
market, which has a golden opportu-
nity to tap into the strong global senti-
ment of goodwill about its chances. At
present, the universe is conspiring with
us, a lot seems to be going right.
In general the numbers are conducive
for growth. There is a growing popu-
lation exceeding one billion, relative
stability in many countries, a growing
middle class and a massive adop-
tion of technologies, improvements in
infrastructure and a strong extraction
industry, among other positive factors.
The fastest way for countries or for
that matter a continent, to grow and
catch-up is to adopt and adapt innova-
tions from countries that already have
them.
This enables it to leap-frog the long
and sometimes costly processes of
research and discovery. There must
also be a strong sense of solving local
problems. So, Africa can do the same.
The question is how Africa can do it.
One way to make that easy is to have
policies that encourage the flow of
capital, ideas and investment onto the
continent.
During the past few weeks, I had a
golden chance to be in workshops,
seminars and company visits arranged
by the Yale World Fellows Programme
at Yale.
These included a visit to IBM’s inno-
vation Centre in Cambridge, Massa-
chusetts; seminars at the Yale Centre
of Engineering Innovation and Design
(CEID); workshops facilitated by IBM
and Barclays, presentations from
tech entrepreneurs like John Gosier
(Appfrica), Nikhil Patel (Mi Fone), Asifi
Gogo (Sproxil) and by venture capi-
talists (Tokunboh Ishmael) and Shuaib
23 Analysis
Is Zimbabwe missing out on Africa’s growth wave?

24. 24 Analysis
Siddiqui (Acumen).
I also had a chance to visit an innova-
tion hub in New Haven, Connecticut,
where start-up companies share infra-
structure, resources and ideas.
What is clear is that, going forward,
small and large firms with global
expansion plans value the opportuni-
tiesinAfrica,andseeacompellingcase
for investing their resources in the form
intellectual and financial capital on the
continent. However, there is a proviso.
The investment climate, national pol-
icies, a sense of purpose and vision,
actually catalyse the process of cre-
ating an ecosystem that helps both
local firms and some global entities to
choose a destination for their invest-
ments.
What is also clear from this experience
is that from a technology perspective
the greatest focus is on specific coun-
tries that have a very conducive envi-
ronment for innovation and creating
solutions that solve African challenges.
Leading that pack is Kenya, which has
a technology policy that has received
much media attention. Readers may
have heard of Kenya’s plan to develop
a Silicon Savannah.
This demonstrates a desire to develop
tech friendly policies and build a con-
ducive ecosystem. On its part, IBM has
a research centre in Nairobi, and will
have its famed IBM Watson – first cog-
nitive computer – there.
Other countries also receiving the
attention of global tech companies,
venture capitalists and other investors
are Ghana, Nigeria, South Africa and,
to some extent, Rwanda.
An environment that engenders tech
innovation is man-made. It’s not driven
by nature or geography or position of
a country. The trouble with investment
waves across regions is that when they
come, you have to be ready and have
an ecosystem prepared to take full
advantage of them.
Failuretodosoleavesacountrypicking
the crumps from the technology spill-
over table.
So the big question is: is Zimbabwe
ready for this focus on the continent?
My assessment is that it is not. It is not
because Zimbabwe is yet to develop a
well-coordinated innovation and tech
policy to create a thriving environment
for tech companies.
There is no viable ecosystem for tech
entrepreneurs. If it’s absent for tech
entrepreneurs, then what does that
mean for global firms?
There is room for improvement on the
investment climate overall.
The coordination between the minis-
tries that are responsible for creating
this environment is suboptimal at pres-
ent. These include the ministries of ICT,
Industry and Commerce and that of
Finance. There are many other factors
that are important and must be consid-
ered at the national level.
What is clear is that Zimbabwe’s
national development policy doesn’t
create an environment as good as
that of other African countries to take
advantage of the movement of invest-
ment in technology in Africa. So what’s
the point of this article?
The point is, Zimbabwe will miss the
current wave of investment in tech and
innovation in Africa, unless we urgently
address key bottlenecks relating to
policy and creating a viable tech eco-
system.
If we don’t, the country will miss the
boat. The first point in dealing with a
problem is in actually realising that
there is one. Then next step is how we
fix it. These two steps need to be dealt
with urgently. ― Techzim•