Energy Minister in Africa’s second largest copper producer, Zambia, on 07 February hinted a potential fuel price cut. Honourable Mathews Nkhuwa, said the Energy Regulation Board (ERB) is constantly reviewing ways to lower the price of fuel. Nkhuwa acknowledged oil price bears that have seen crude trade for US$62/bbl compared to highs of US$83/bbl and that initial forecast were that Brent would rise to US$100/bbl. Zambians have bemoaned this high price of fuel following the Q4:18 upward adjustment by 16.8%-21.9% by ERB yet will suppressed prices currently the ERB has not adjusted fuel pricing any lower. Expectations are that in…
Author: The Editor
Zambia’s Finance Minister Margaret Mwanakatwe has challenged the National Road Fund Agency – NRFA to collect double its 2019 revenue collection target to K2billion. The MinFin Minister was told NRFA Chief Executive Officer Wallace Mumba in Lusaka the capital on 08 February. The NRFA had committed to an additional 6 tollgates in 2019, and that its revenue target for the year would be K1billion from K800million in 2018.
The Board of Directors for Zambia Airways on 07 February, passed a special board resolution to appoint Bruk Endeshaw Abebe as its Chief Executive Officer. This was contained in a statement shared with the Business Telegraph (BT) by acting board chairman Mr. Bonventure Mutale. Zambia is on a steady trajectory to relaunch Zambia Airways this year. Abebe brings a wealth of experience having been in the sector for over 25 years. Prior to his appointment, he served as Regional Director for Sales and Services for the Southern African circuit. The airline is a joint venture between the government of Zambia…
Atlas Mara founder Bod Diamond, is to step down as chairman as part of a shake-up at the group and will stay on as non-executive director. Atlas Mara, which invests in financial services companies across sub-Saharan Africa, is to weigh up which markets it will continue to operate in and which to leave. As part of a review of its operations the company will aim to “ensure that top five market leadership is practicably achievable in the near term, or to explore transactions that will reduce risk exposure where such leadership is unlikely on a standalone basis”. It is also…
The Democratic Republic of Congo – DRC remains Africa’s top copper producer after it widened the gap with Zambia with a 12.9% higher output for 2018 at 1.2million metric tons. This compares to Zambia’s estimated 0.81million metric tones (7% higher than 2017 levels). DRC scored a hat-trick in the base metals market when it produced 43.8% higher cobalt to 106,439 metric tons to remain the worlds largest blue metal producer. Gold production rose 22.6% to 28,539kg. Statistics provided by the DRC chamber of commerce at the 25 mining indaba in Cape Town. The electric and car battery era has given…
Slow growth in the 18 commercial banking industry can be used a proxy of the prevailing tough economic conditions in 2018 compared to 2017. FY18 industry PAT grew at anaemic pace of K1.33billion driven by a faster growth in non interest expenses to K6,065million and a 29% widening in credit impairments to K722.76million offsetting a 4.57% growth in interest income to K7,531million and a 9.9% bullish non interest revenue growth to K3,554million. Interest expenses narrowed 20.6% to K2,038million. FY18 PAT leadership trajectory FY18 industry PAT grew by an anaemic 0.45% margin to K1,333million from K1,327million from 2017 compared to a 30% growth in 2016 from…
In the middle of a panel discussion dubbed ‘Zambia as a battery metal supplier:- What is the government doing to increase supply?’ Mines Minister Honorable Musukwa passed the relay button to his colleague to address a query on sales tax. Finance Minister in Africa’s second largest copper producer Zambia, Honorable Margaret Mwanakatwe on 06 Feb urged mining investors not to close down operations as she counseled them on sales tax. Zambia has proposed a mining tax regime for 2019 which will see the red metal producer not only hike mineral royalty taxes by 1.5%, but will switch to sales tax…
Mines Minster in Africa’s copper hotspot Zambia, Honorable Richard Musukwa on 05 February assured mining investors of a stable, predictable, simple and secure fiscal regime. He was speaking during a panel discussion dubbed, ‘Zambia as a battery metal supplier: what is the government doing to increase supply?’ Zambia to boost private exploration Musukwa informed investors that Zambia was seriously considering encouraging private exploration and would additionally provide data for cobalt through remote sensing with the help of nations such as China, Japan and South Africa. This process will assist in identifying resources required for copper and cobalt that should be…
Barely a week after the arrest of a Member of Parliament for Livingstone constituency, the Anti-Corruption Commission (ACC) has cracked the whip on the Infrastructure Minister In Africa’s copper producer Zambia Honorable Ronal Chitotela. This follows the unearthing of assets acquired through crime proceeds. A letter shared by the ACC revealed that, on 01 July 2016 and 30 October 2018 Chitotela (47) concealed property lots in Makeni disguised in the name of a Diris Mukange, suspected to have been acquired with crime proceeds in a money laundering scheme. This development comes a weeks after Zambia’s corruption perception index for 2018…
Value addition and export of finished products can offer significant cover for Africa’s red metal producer in times of plummeting copper prices. Cape Town (BT) – Value addition in the mining sector is vital if Zambia is to hedge the impact of metal price volatility on the international market, Stanbic Bank Zambia Chief Executive Leina Gabaraane said on the sidelines of the ongoing 25th mining indaba. Mining contributes circa. 12% to gross domestic product (GDP) and earns the southern African nation over 75% of its export proceeds. The sector stands as the largest private sector employer in the country…