Blanket Mine, a gold producer in Gwanda, Zimbabwe, exceeded its 2015 gold output target by 2%. Output rose 2.5% to 42,804 ounces compared to the previous year. However, the growth in output from higher tonnes milled was offset by lower ore grades. On-mine costs increased due to the lower grade, while all-in sustaining costs jumped 7.1% due to increased investment. The mine's parent company, Caledonia Mining, aims to increase Blanket Mine's output to 80,000 ounces by 2021 through its investment plan.

1. By Tawanda Musarurwa
HARARE – Gwanda-based
gold producer, Blanket Mine’s
2015 output exceeded ini-
tial target estimates by 2
percent, after it rose by 2,5
percent to 42 804 ounces for
the year ended December 31,
2015 from prior year.
The mine’s overall 2015
performance was positively
impacted by higher output
in the fourth quarter, which
rose to 11 515 ounces from
10 417 ounces in the prior
comparable quarter.
But the growth in output -
which was driven by higher
tonnes milled - was offset by
a lower grade, said parent
company Caledonia Mining
Corporation.
Blanket Mine is fully indi-
genised and 49 percent
owned by the Toronto Stock
Exchange-listed Caledonia.
On-mine costs at $701 per
ounce increased in the year
due to the lower average
grade which outweighed the
overall reduction in cost per
tonne milled
All-in sustaining costs
jumped 7,1 percent to $1
News Update as @ 1530 hours, Monday 21 March 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Blanket Mine’s 2015 gold output exceeds target
.....but contributions to
Govt decline

2. 038 per ounce during the
period under review from
$969 in 2014, which manage-
ment attributed to “increased
sustaining capital invest-
ment.”
According to Caledonia,
investment at Blanket Mine
increased from $6 million in
2014 to around $17 mil-
lion last year as a result of
the implementation of the
Revised Investment Plan.
The Revised Investment Plan
- which was announced in
November 2014 – is aimed at
increasing Blanket’s output
to approximately 80 000
ounces of gold by 2021.
It also seeks to enhance the
mine’s operational efficiency
and improve its ability for
further deep level exploration
and development, thereby
extending its life.
Average realised gold price
during the period under
review declined to $1 139
per ounce from $1 245 in
2014, due to the lower gold
prices that prevailed through
the course of last year.
The weaker gold prices
knocked the producer’ gross
profit 29 percent lower to
$13,1 million from $18,5
million last year.
Net profit however improved
by 6,8 percent to $4,7 mil-
lion attributable to a foreign
exchange gain arising from
the devaluation of the South
Africa rand against the US
dollar and lower taxation,
said Caledonia. Caledonia
said payments to the com-
munity and Zimbabwe gov-
ernment amounted to $7,3
million last year, down from
$12,3 million in 2014.
“Payments to the community
and the Government in 2015
were lower than in previ-
ous years due to the lower
income tax and royalty pay-
ments,” said management.
Meanwhile, Caledonia
announced today that it has
successfully completed the
re-domicile of the company
into Jersey, Channel Islands.
"In February 2016 Caledo-
nia's shareholders approved,
by an overwhelming major-
ity, the proposal that Cal-
edonia should migrate its
tax and legal domicile from
Canada to Jersey, Channel
Islands. This migration will
be effected today and reduce
the tax burden on Caledo-
nia and its shareholders,
and reduce the costs of tax
compliance,” said Caledo-
nia chief executive Mr Steve
Curtis. Going forward, the
CEO expects the mine to
start reaping the benefits of
ongoing restructuring and
investment.
"I expect that 2016 will be
a transformational year for
Caledonia as the benefits of
restructuring and investment
become apparent and I look
forward to updating the mar-
ket accordingly," he said..●
2 news

3. BH243

4. BH244

5. By Funny Hudzerema
HARARE– An influx of cheap
imported milk products on
the market is negatively
impacting on the operations
of the local dairy industry,
the Zimbabwe Association
Diary Farmers (ZADF) has
said.
In an interview recently, the
association’s national chair-
man Mr Emmanuel Zimbandu
said the local diary sector
has the capacity to ade-
quately supply the national
milk requirement if Gov-
ernment fully supports the
sector.
“As ZADF we are lobbying to
the Government to come onto
board and put policies which
supports small dairy farmers
to boost their production and
look for measures to reduce
the importation of finished
milk products.
“At the moment there is no
clear policy that supports
local smallholder farmers in
the dairy farming sector,”
he said. Currently the milk
production in the country is
being affected by cheap milk
products which are coming in
the country at low prices.
“Locally produced dairy prod-
ucts are disadvantaged in the
market by their higher price
compared to the imports
while our local milk pro-
ducers have the capacity to
supply the industries which
produce similar imported
products.
“Zimbabwe was well known
for being the bread-bas-
ket for milk in Africa so to
restore that we must support
small holder farmers through
reducing the number of
imported milk products,” he
added.
Currently Zimbabwe’s milk
production for the first quar-
ter of 2016 has increased by
5 percent, figures provided
by ZADF show.
ZADF said the production of
milk is increasing despite
low prices which are paid
by buyers to farmers due
to flooding of milk imports
in the country from other
countries.
Currently small dairy farm-
ers are selling their milk at
45 cents per litre getting a
profit of 15 cents per litre
of milk. The association has
lamented flat fees which are
being offered by milk buyers
saying they are too low to
remain in business.
Milk production in Zimba-
bwe continues to grow and
the latest figures show that
total production of milk in
2015 rose by 4 percent to
57,5 million litres compared
with 55,5 million recorded in
2014.
Production in 2016 has also
started well and 5, 52 million
litres production were pro-
duced in January 5 percent
higher than December 2015
and 18 percent higher than
in January 2015.●
5 news
Milk producers call for supportive policies
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6. BH246

7. BH247

8. BH24 Reporter
HARARE – NMBZ Holdings
recorded an after tax profit
last year of $5,4 million for
the year ended December
31, 2015 - an increase of
229 percent on the previous
year’s after tax profit of $1,6
million.
The group’s profit before tax
was $7,9 million, compared to
$2,4 million the previous year.
Operating expenses amounted
to $26,8 million, a decrease
of four percent compared
to the previous year, when
expenses amounted to $27,9
million.
The group’s total assets grew
by 17 percent from $286 mil-
lion in 2014 to $333 million as
at December 31, 2015.
Gross loans and advances
increased by 12 percent from
$217 million in 2014 to $243
million during the period
under review, largely as a
result of an increase in loans
advanced to the broader mar-
ket segments.
Deposits increased by 18
percent from $235 million in
to $277 million as at Decem-
ber 31, 2015. There was an
increase of 22 percent in the
number of current and deposit
accounts.
The banking subsidiary’s
non-performing loans ratio
went down from 17,74 per-
cent at the end of 2014 to
13,19 percent at the end of
last year.
NMB Bank’s liquidity ratio
closed the year at 30,37
percent, which was above
the statutory requirement of
30 percent, with its capi-
tal adequacy ratio as at the
end of last year was 19,26
percent, significantly above
the Reserve Bank’s minimum
requirement of 12 percent. Its
regulatory capital as at the
end of last year was $42,1
million. This was in line with
the bank’s target of meeting
the required minimum regu-
latory capital for a Tier One
bank of $100 million by the
end of 2020, said manage-
ment.
In a statement accompanying
the results, NMBZ chairman
Mr Ben Chikwanha attributed
the improved performance in
part to the bank’s decision to
broaden its target market, as
well as to stricter underwrit-
ing standards and efforts to
contain non performing loans.
“The significant improvement
in the operating results was
largely underpinned by the
bank’s decision to broaden its
target market, stricter under-
writing standards and con-
certed efforts to contain non
performing loans,” he said.
Added the chairman:
“The board is confident that,
based on a number of proba-
ble scenarios considered, the
group is firmly on course to
attaining its short and medi-
um-term strategic targets,” he
said.●
8 news
NMBZ after-tax-profit jumps 229pc to $5,5m

9. BH249

10. BH2410

11. 11 news
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HARARE -Zimbabwe can turn
around its economy if it can
attract investment as well as
clear its debts with multilat-
eral lending institutions, the
Macro-economic and Finan-
cial Management Institute
(MEFMI) has said.
The organisation last Fri-
day launched a book titled
“Economic Management in
a Hyperinflationary Environ-
ment: The Political Economy
of Zimbabwe 1980-2008”
in collaboration with The
African Capacity Building
Foundation.
Speaking at the book launch
held in the capital, MEFMI
debt management program
director Raphael Otieno said
the debt issue was pre-
venting new invest in the
country.
“Economic recovery is fea-
sible. The only challenges
are that we need to attract
new investment and secondly
address the debt problem.
“There are huge debt service
arrears and investors worry
about whether the govern-
ment can sustain that and
there is no money flowing
into the country but if we
can clear the debt, money
will start flowing into the
country,” he said. Mr Otieno
said the loan which the gov-
ernment expected to receive
from the International Mon-
etary Fund (IMF) in October
could lead to more invest-
ment. “It is important that
IMF funding starts flowing in
because it will send a signal
to investors and international
financiers,” he said.
MEFMI executive direc-
tor Caleb Fundanga said
the country could achieve
economic recovery espe-
cially given its rich natural
resources.
“The potential in this coun-
try is tremendous. It is one
of the richest countries in
terms of minerals. If you
look at the issue of diamonds
we are of talking of billions
and you look at how much
we are talking about in debt
arrears. It is about time we
make these resources work
for the people because the
wealth is there,” he said.
One of the authors of the
book Sehliselo Mpofu said
there were many lessons to
be learned from the hyper-
inflationary era that Zimba-
bwe went through.- New
Ziana●
Debt clearance necessary for economic recovery

12. BH2412

13. BH2413

14. HARARE - The equities mar-
ket started the new week on
a high, gaining 0.07 to close
at 99.93.
Meat processor Colcom con-
tributed to the rise, with
a $0,0050 rise to trade at
$0,1500, while Zimre Hold-
ings added $0,0025 to settle
at $0,0175 and Powerspeed
rose by $0,0008 to $0,0250.
Telecoms giant Econet also
gained, albeit marginally,
$0,0003 to close at $0,2313.
On the downside, CAFCA
lost $0,0445 to trade at
$0,1800, while Fidelity Life
slipped $0,0050 to $0,0900
and Simbisa shed $0,0045
to close at $0,1250.
The mining index advanced
0.31 on the back of a gain
in Bindura, which rose by
$0,0004 to trade at $0,0100.
Gold producer Falgold,
Hwange and RioZim main-
tained previous price levels
at $0,0050, $0,0300 and
$0,1040 respectively.` -
BH24 Reporter ●
ZSE14
Industrials begin on a high

15. BH2415

16. BH2416

17. Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc
Zimre 16.66 1.75 CAFCA -19.82 18.00
Bindura 4.16 1.00 Fidelity Life -5.26 9.00
Colcom 3.44 15.00 Simbisa -3.47 12.50
Powerspeed 3.30 2.50
Econet 0.12 23.13
Index Previous Today Move Change
Industrial 99.86 99.93 +0.07 points +0.07%
Mining 19.22 19.53 +0.31 points +1.61%
17 zse tables
ZSE
Indices
Stock Exchange
Previous
today

18. 18 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
21 March 2016
Energy
(Megawatts)
Hwange 420 MW
Kariba 475 MW
Harare 30 MW
Munyati 0 MW
Bulawayo 20 MW
Imports 0 - 300 MW
Total 1120 MW
• Thursday 24 March 2016 - Annual General Meeting of Willdale Limited; Place: Boardroom, Willdale Administration Block,
19.5km peg Lomagundi Road, Mount Hampden; Time: 1100 hours...
• Analyst briefing - Old Mutual Zimbabwe, Steward Room, Meikles Hotel, March 30, 1430hrs
THE BH24 DIARY

19. KINSHASA - Mining and oil
firms in Democratic Republic
of Congo must pay taxes and
import duties in US dollars
from Saturday rather than
in the national currency, the
Central Bank of the Congo
said.
The decision is part of an
attempt by authorities to
increase reserves of foreign
currency, weakened by a
slump in global mining and
oil prices that has hit gov-
ernment revenue.
It reverses a policy estab-
lished in 2014 to require
companies to pay taxes in
francs as part of a drive to
wean the central African
country off dollars.
Congo is Africa's top pro-
ducer of copper, and mining
is key to an economic boom
that has seen growth rates
of 8 percent for five years,
among the highest in the
world, according to Interna-
tional Monetary Fund figures.
Mining and oil companies
contribute more than $2 bil-
lion per year to government
revenue, according to the
Extractive Industries Trans-
parency Initiative, which
sets a global standard for
accountable management of
natural resources.
The measure would enable
the Bank to "get a grip on
some of the currency supply"
and allocate it rationally to
the public and private sector,
said Governor Deogratias
Mutombo.
The government of Presi-
dent Joseph Kabila counts
macro-economic stability as
a key achievement. Senior
officials say privately, how-
ever, they fear that lower
global commodity prices and
higher government spending
in an election year could put
that at risk.
President Kabila is due to
step down after presidential
elections set for November,
when his second term ends.
Critics say his administra-
tion has failed to spend
sufficiently on infrastruc-
ture, health, education and
boosting employment to
address the needs of the
vast country.
The central bank said in
February it would buy francs
and increase the percentage
of deposits banks must lodge
with it, in an early move to
prop up the currency.
Congo's exchange rate has
held steady and stands at
936.95 to the dollar, accord-
ing to the central bank.
Inflation last year was less
than 1 percent. . - Reu-
ters●
regioNAL News19
Congo orders mining and oil companies to pay taxes in US dollars

20. Leaving the European Union
might cost the UK 100 billion
pounds ($145 billion) in lost
economic output and 950 000
jobs by 2020, the Confeder-
ation of British Industry said
as it stepped up its campaign
against a so-called Brexit.
A vote to leave the bloc
in the referendum Prime
Minister David Cameron has
called for June 23 “would
cause a serious shock to the
UK economy,” Britain’s main
business lobby group said,
citing a study it commis-
sioned from Pricewater-
houseCoopers of two Brexit
scenarios.
“Leaving the European
Union would be a real blow
for living standards, jobs
and growth,” CBI Direc-
tor-General Carolyn Fair-
bairn will say in a speech
in London Monday, accord-
ing to remarks released in
advance by the lobby group.
“The savings from reduced
EU budget contributions
and regulation are greatly
outweighed by the negative
impact on trade and invest-
ment.”
According to the study, UK
GDP might be 5 percent
lower than it would otherwise
be by 2020 in the case of
withdrawal, though it might
only be 3 percent lower if
a free-trade deal is rapidly
reached with the rump EU.
Growth might be as low as
zero in 2017 or 2018, the
CBI said.
‘Smaller Economy’
“The economy would slowly
recover over time, but never
quite tracks back to where it
would have been,” Fairbairn
will say. “Leaving the EU
would mean a smaller econ-
omy in 2030.”
The CBI said last week it will
campaign to keep the UK
inside the EU after a survey
found four-fifths of its mem-
bers believe this would be
best for their businesses.
Brexit campaigners argue
Britain would be better off
outside the bloc because
Europe is a shrinking mar-
ket for UK exports and the
government would be able to
conclude its own trade deals
with fast-growing economies
around the world.
“The EU funded CBI are des-
perate to recreate the same
scare stories they spread
when they urged Britain to
scrap the pound and join the
euro,” Matthew Elliott, chief
executive of Vote Leave,
which is campaigning for an
exit, said in a statement.
“They were wrong then and
they are wrong now.” -
Bloomberg●
internatioNAL News20
‘Brexit’ could cost UK 950 000 jobs by 2020, CBI Study says

21. By Dr Marlon-Ralph
Mobile Health or mHealth is
one of the newest aspects
of 21st-century healthcare.
It has tremendous potential
to make healthcare more
accessible, faster and cost
effective.
Not only is it becoming an
expanding field of medi-
cine but it’s also a rapidly
expanding billion dollar
industry. According to a
report published in the Econ-
omist, the global revenues
of mHealth are forecasted to
reach $21,5 billion in 2018.
This is remarkable consid-
ering that 2013 total reve-
nues were under $5 billion.
All this is driven by the
increasing number and range
of health-related apps and
mobile devices available on
the market.
Most of the projected reve-
nues are expected to come
from North America, Europe,
and the Asia-Pacific regions
where more apps are likely
to have established commer-
cial business models.
Our region contributes less
than the others mainly
because sadly healthcare
in Africa is often less of a
commercial approach. As it
stands it is mostly funded by
a different kind of investor –
the donor agencies.
These multinational enti-
ties have invested in solving
perennial problems such as
HIV/AIDS, TB, and Malaria in
Africa and are realising the
need to innovate in search of
21 analysis21 analysis
How we can capitalise on mHealth opportunities in Africa

22. 22 analysis22 analysis
more cost-effective solutions.
This has driven them to turn
towards mHealth culminating
in big opportunities for both
tech and health profession-
als. Some of these oppor-
tunities are also open to
Zimbabweans.
US-based Elizabeth Glaser
Pediatric AIDS Foundation
recently announced a request
for proposals inviting poten-
tial consultants to develop a
mobile application that will
record select patient infor-
mation which will be used to
track patients’ clinic appoint-
ments, send automated SMS
reminders of clinic appoint-
ment date, facilitate patient
tracking and report on
chosen outcomes as part of
a comprehensive HIV and TB
prevention, care and treat-
ment program.
The project is intended for
implementation in 121 health
facilities throughout Leso-
tho. If you are interested
you can download the full bid
documents from the EGPAF
website. You will have to
hurry though because the
final deadline is the 29th of
March 2016!
The US Embassy in Harare
also announced a great
opportunity for mHealth
intervention through the
Dreams Innovation Challenge
which is offering a potential
$85million.
According to its website
“DREAMS is seeking inno-
vative solutions to further
DREAMS’ commitment to
reduce HIV infections by
infusing new thinking and
high-impact approaches to
meet the urgent, complex
needs of adolescent girls and
young women in 10 sub-Sa-
haran African countries.”
They are calling on all inno-
vators (including mHealth
innovators) to apply before
the 28th of March 2016.
There is quite a demand for
innovation in health although
not all opportunities will
nakedly present themselves
as these. A Ministry of Health
official who attended the
recently held 46th World
Conference on Lung Health in
Cape Town informed me that
the bulk of discussions they
had, mentioned or advocated
for the incorporation of tech-
nology or mHealth.
The key to meeting this
demand for innovation in
health is a collaboration
between health professionals
and the IT experts or soft-
ware developers. However,
my personal experiences in
Zimbabwe have been quite
disappointing. It has proved
to be quite a nightmare find-
ing a skilled and experienced
software developer who can
choose to spare enough time
to work on an idea.
This is particularly the case
if there is no money avail-
able upfront for the ini-
tial development. It then
becomes a tragic case of
myopia. Donor agencies
are the biggest investors in
healthcare in Africa. How-
ever convincing them to
accept a new mHealth based
innovation usually requires a
demonstration by means of
a working prototype. This is
what some developers then
fail to appreciate and end up
sidelining or literally sit-
ting on the ideas we health
professionals would have put
forward.
Conversely, the tech commu-
nity has also been victim to
the health profession’s myo-
pia. An example is the neg-
ative response that Econet’s
Dial-a-Doc got from the Med-
ical and Dental Practitioner’s
Council of Zimbabwe.
Part of the solution lies in
teaching health profession-
als to code. A greater part
of it is establishing mutual
understanding between the
co-dependent health and
tech communities.
mHealth is a developing
industry with billions of
dollars to be made and more
importantly, lives to be
served and saved. For us to
capitalize on the opportu-
nities mHealth presents we
must realize that teamwork
makes the dream work. –
TechZim●