TANGANDA Tea Company (Tanganda) says it has halted its ‘big’ capital projects initially earmarked for this year owing to a bad financial year attributed to an unfavourable agricultural season.
Zimbabwe is experiencing one of its driest seasons in recent history caused by the El Nino weather phenomenon. In an interview with The Financial Gazette, Tanganda chief executive, Timothy Fennell, said it has put on hold the macadamia nut cracking plant which was scheduled for installation this year.
“Last year was a terrible year for agriculture and despite our strategies to mitigate these weather instances and market forces, everybody including Tanganda was now spared from last year’s rages from the market.