Zimbabwean President Emmerson Mnangagwa appointed a US-sanctioned tycoon who backed his campaign to extend his term to the country’s senate.

China’s Sichuan Yahua Industrial Group Co. plans to start operating a $200 million lithium-sulfate plant in Zimbabwe in the second quarter of next year amid a push by the southern African country to reap more value from its natural resources.

Shares in Old Mutual Ltd. began trading on Zimbabwe’s dollar-denominated stock exchange, six years after they were suspended on the country’s main bourse to curb a currency rout.

Zimbabwe said it will cap government support for buying gold at $300 million this year and review the scheme in the 2027 national budget, according to a letter from top economic officials to the International Monetary Fund.

Zimbabwe’s dollar-denominated stock exchange plans to boost its market value by 25% over the next year after Old Mutual Ltd. joined the bourse, while rolling out new products including a venture board that will help junior mining and exploration companies raise capital.

Zimbabwe won’t rush to phase out the US dollar and make the ZiG its sole currency until it is confident that inflation is under control and the exchange rate is stable.

France and the UK agreed to co-chair a body that will help Zimbabwe restructure the billions of dollars it owes creditors, the southern African nation’s Finance Ministry said.

Mutapa Energy Resources, Zimbabwe’s state-owned lithium miner, has secured $300 million from a group of companies, which includes Chinese entities, to develop its assets in the southern African nation.

Zimbabwean President Emmerson Mnangagwa said a constitutional amendment to extend his tenure by two more years was a collective decision, the Sunday Mail reported.

Zimbabwe’s president signed into law a constitutional amendment that will extend the 83-year-old leader’s rule of the southern African nation by two years.

Zimbabwean lawmakers approved a controversial amendment to the constitution that will lay the ground for President Emmerson Mnangagwa to extend his rule by two years.

Zimbabwe’s central bank became the first in the world to cut interest rates after the US and Iran said they reached an interim peace deal to reopen the Strait of Hormuz, an announcement that drove down oil prices.

Zimbabwe is in talks with the African Development Bank for a $150 million loan as part of efforts to clear billions of dollars of debt arrears, Finance Minister Mthuli Ncube said.

China’s Zhejiang Huayou Cobalt Ltd. plans to set up a lithium carbonate plant in Zimbabwe, according to the southern African country’s mines minister.

Zimbabwe’s state-owned sovereign wealth fund, Mutapa Investment Fund Ltd., needs $250 million to expand its gold mining operations across the country.

Zimbabwe said it was returning a number of foreign-owned farms that were seized during a violent land grab more than 25 years ago and pay compensation of $146 million.

Zimbabwe began trials of blending ethanol and diesel to offset rising costs caused by conflict in the Middle East, the nation’s energy minister said.

Zimbabwe’s currency is undervalued by almost half, the governor of the central bank said, pointing to the foreign reserves and gold that back the unit.

Zimbabwe’s dollar-denominated stock exchange has eclipsed the country’s 132-year-old main bourse, propelled by the biggest listing in the nation’s history.

Zimbabwe’s gold trade continues to flow steadily through the Middle East despite conflict in the region, the country’s deputy finance minister said.