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Mutapa Fund Pledges Support for NetOne’s Digital Transformation

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The Mutapa Investment Fund has reaffirmed its commitment to supporting NetOne’s transformation into a commercially sustainable and digitally driven telecommunications provider, despite financial setbacks recorded in the past year.

Delivering the shareholder’s remarks at the company’s 2024 Annual General Meeting (AGM) held in Harare, a representative of the Fund speaking on behalf of Chief Executive Officer Dr. John Mangudya acknowledged the operational progress made by NetOne, Zimbabwe’s second-largest mobile network operator, amid a challenging economic environment.

“While the journey has not been without its challenges, it is encouraging to see continued momentum in strategic execution and operational resilience,” the Fund stated.

NetOne recorded strong growth in data revenue and made notable progress in expanding its network footprint, including the rollout of new LTE sites and upgrades to digital customer platforms. However, the company posted a net loss for the year, mainly attributed to exchange rate-induced losses.

Despite the loss, shareholders highlighted several key achievements, including:

  • Expansion of ICT infrastructure

  • Introduction of digitalised customer engagement channels

  • Implementation of corporate social responsibility initiatives in education, health, and environmental protection

Looking ahead, the Mutapa Investment Fund outlined four major strategic imperatives to guide NetOne’s future:

1. Commercial Sustainability
A strong emphasis was placed on financial discipline, cost rationalisation, and improved revenue assurance to restore the company’s going-concern status. The Fund also pledged to work with the Ministry of Finance to address legacy debt burdens that continue to weigh down the balance sheet.

2. Network Expansion and 5G Readiness
The shareholder urged the company to close coverage gaps, enhance indoor data quality, and accelerate the deployment of next-generation technologies, including 5G, particularly in high-demand and underserved areas.

3. Digital Innovation and Cloud Services
NetOne was encouraged to anchor innovation in scalable digital platforms, with the launch of cloud-based and Internet of Things (IoT) services aimed at meeting the evolving needs of enterprise clients and public institutions.

4. Governance and Accountability
The Fund called for strengthened oversight by the Board and greater executive discipline in executing strategies. It emphasised the importance of performance-based management systems to improve efficiency and transparency.

Describing NetOne as a “strategic asset in Zimbabwe’s digital landscape”, the Mutapa Investment Fund expressed optimism about the company’s future and its ability to support the country’s digital transformation goals.

“The growth in revenue, expansion in data usage, and operational improvements show that the company is on a promising trajectory,” the Fund said.

The statement concluded with a call for collaboration among stakeholders, including regulators, partners, and customers, to ensure NetOne fulfils its national mandate of enhancing connectivity and driving inclusive economic growth through technology.

Formerly the Sovereign Wealth Fund of Zimbabwe, the Mutapa Investment Fund manages key state-owned enterprises and assets on behalf of the government. Its mandate includes ensuring long-term value creation, commercial viability, and good governance in the public investment portfolio.

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Kutsaga fueling food security and rural growth

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Kutsaga fueling food security and rural growth

Kutsaga Research Station, once synonymous with Zimbabwe’s tobacco industry, is now spearheading a transformative agricultural revolution, pivoting its scientific prowess towards rural industrialisation and national food security.

This monumental shift, lauded by Agriculture Permanent Secretary Prof. Dr. Obert Jiri at the recent ZITF 2026, marks a critical stride in aligning research with commercial viability and the nation’s ambitious Vision 2030 agricultural agenda.

Prof. Dr. Jiri said Kutsaga’s innovative expansion beyond its traditional mandate.

He specifically praised the station’s success in developing tissue-cultured virus-free sweet potatoes and pioneering industrial hemp cultivation.

These initiatives exemplify how institutional expertise can be leveraged to create commercially viable products, underscoring the imperative that research must be commercialised to ensure its long-term sustainability.

“Kutsaga’s transformation is not just about diversifying crops, it is about building resilient value chains that directly benefit our rural communities,” said Prof. Dr. Jiri.

ALSO READ: Global seed giants eye Zimbabwe as strategic hub

This strategic redirection aims to reduce the nation’s reliance on single commodities, thereby shielding farmers from the volatile impacts of market fluctuations and climate change.

The move is a direct response to Zimbabwe’s Vision 2030, which prioritises agricultural transformation as a cornerstone for economic growth and stability.

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Prospect Lithium Marks Historic First with Lithium Sulphate Export

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Prospect Lithium of Zimbabwe has dispatched its first consignment of lithium sulphate from its newly commissioned US$400 million processing plant at Arcadia Mine.

According to the company, this is the first time lithium sulphate has been produced not only in Zimbabwe but across the African continent.

The milestone signals a significant move towards increased local processing of lithium, rather than exporting raw or semi-processed materials.

Prospect described the development as a breakthrough for the country and region, noting that the shipment represents the first production of lithium salts in Zimbabwe and Africa, and highlights progress in mineral beneficiation and industrial growth.

Zimbabwe has been tightening its policies on lithium exports in recent years. In 2022, the government banned the export of raw lithium, pushing mining companies to process the mineral into concentrates.

At that time, major players, including Prospect Lithium (owned by Huayou Cobalt), had already begun upgrading their operations.

In 2025, authorities raised the requirements further, announcing that by 2027, lithium producers will be expected to export sulphate, a higher-value product used in the manufacture of battery materials.

To support this transition, a 10% tax was introduced on lithium concentrates to encourage further processing.

Earlier this year, the government also temporarily halted concentrate exports, later allowing limited shipments under a quota system as producers adjust to the new value-addition requirements.

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Steelmakers Limited Drives Zimbabwe’s Industrial Growth Under Vision 2030

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Zimbabwe is working to grow its industries under Vision 2030 Zimbabwe, and local companies are playing an important role in this effort.

One of these companies is Steelmakers Limited, which is helping the country produce more goods locally instead of importing them. By doing this, Zimbabwe saves foreign currency and strengthens its economy.

Steelmakers Limited stands out because it controls the whole production process. It mines iron ore in Masvingo and coal in Chiredzi, then uses these materials to produce sponge iron and finally finished steel products in Redcliff and Harare.

This means most of the work is done inside the country, creating more value locally and reducing the need to buy materials from outside.

The company also took part in the Zimbabwe International Trade Fair 2026, where it showcased its products and connected with business partners, investors, and government officials. This helped promote Zimbabwean steel and opened opportunities to sell products in other countries.

Steelmakers Limited plays a big role in national development. By producing steel locally, it reduces imports and helps keep money in the country. Its products are important for building houses, roads and factories supporting mining and agriculture. Steel is essential for development, and the company helps provide it.

The company also supports other sectors of the economy. Its operations create jobs and increase demand in transport, logistics, and engineering industries. This means its impact goes beyond just making steel.

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