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While it has a positive cash flow in Zimbabwe, its earnings from loan management and payroll operations have been significantly impacted by the depreciation of the local currency.
According to Cafca’s 2023 abridged report, the group fulfilled all orders in the year, thanks to its finished goods stock holding and short production lead times
Andrew Bell, chairperson at Red Rock, said the firm’s lithium export strategy would be vital for the business, which initially wanted to concentrate on sales to the domestic market.
The company was suspended from the London bourse for failing to provide audited results for the year ended August 31, 2022 as trading regulations dictate.
The mining project is expected to be the biggest supplier of coke batteries for steel manufacturing projects in Zimbabwe as well as chrome smelting operations dotted around the country.