Zambia’s head of state Dr. Edgar Lungu on January 08, hinted that talks with Glencore Corporation over Mopani Copper Mines (MCM) would soon be concluded. Dr. Edgar Lungu said this when he addressed Mopani miners during his visit to the mine as part of his 3 day tour of the Copperbelt of Africa region. The President toured the synclinorium concentrator at Nkana before meeting with mine union leaders and miners. “Just as we refused for the mine to go under care and maintenance, we have been talking to Glencore and are happy to announce that we will be reaching a…
Author: The Editor
The head of state in Africa’s second largest copper hotspot Zambia, Dr. Edgar Lungu assured the miners at Konkola Copper Mines that their interests will be prioritized in the liquidation process. President Lungu said this during visit to the mine on January 07, in Chililabombwe where he met with the National Union of Miners (NUM) and the Mineworkers Union of Zambia (MUZ) during his overall visit of the Copperbelt of Africa. The visit comes barely a month after the Zambia’s Medium Term Expenditure Framework (MTEF) dubbed the Economic Recovery Plan (ERP) was launched. In his speech at the ERP launch…
Head of State in Africa’s red metal hotspot on January 07, courted EMR Capital Resources Ltd Lubambe Copper Mine (LCM) in Chililabombwe as part of his Copperbelt of Africa visit. President Edgar Lungu during this visit instructed the mining and lands authorities alongside the Zambia Environmental Management Agency (ZEMA) to support the Lubambe expansionary project. “We will supply and expedite the project without compromise in quality and standards, this is my promise for 2021 to you,” His Excellency Dr. Edgar Lungu said. The price of copper is going up and will not come down soon as such we should support…
The central bank in Africa’s copper producer Zambia has approved the merger and acquisition (M&A) transaction of an amalgamation nature between Access Bank Group of Nigeria with Cavmont Capital Holdings Plc of Zambia. Cavmont (ISIN:ZM0000000227) is listed on the Lusaka Securities Exchange while Access Bank trades on the Nigerian Stock Exchange. This follows intent by the Nigerian giant to increase its footprint in Africa through buying into already existing growth. This transaction provided an opportune exit strategy for Namibian Capricorn Holdings to exit the Zambian market after a struggle in performance of its local investment which Access Bank will now…
South African based commodity investment vehicle Xylem Pty has redeemed an ailing Madison Financial Services (MFS) Group with a fresh $35million capital injection. The Lusaka Securities Exchange (LuSE) listed Madison Financial Services (ISIN:ZM00000000391) has in the recent past faced a series of liquidity, credit, solvency and governance related lapses that did trigger regulatory take-over by the Securities and Exchange Commission (SEC) in 2019. With irate creditor classes up in arms for claims relating to investment obligations that matured, for which the asset management arm of the group could not settle, it became vivid that liquidity bottlenecks were an eminent challenge…
Business pulse in Africa’s red metal producer, Zambia remained subdued in the month of December as Kwacha bears, Rand bulls and general muted activity over the festivities weighed. As forecast earlier, it was expected that the industrial break period which Zambian companies take would mute private sector activity thereby manifesting in a softer purchasing managers index reading to year end. Other themes that have over the last one year dragged business fabric lower include energy prices for both power and fuel that are key drivers of manufacturing costs. Read also: ZAR ‘bulls’ and ZMW ‘bears’ to weigh Zambia’s manufacturing business…
Astute Agriculture Engineer Mukula Makasa has been named head of the Zambia Development Agency (ZDA) effective January 04. Prior to the appointment as Director General, Makasa served as Enterprise Development Director where he was tasked with provision of affordable Small to Medium Sized Enterprise (SME) funding and development of the sector to realize its growth potential so as to contribute to economic development. This appointment comes at a very critical time for Zambia with a whole array of trade interventions such as the Africa Continental Free Trade Area Agreement of which the copper producer is a part of. All the…
On December 11 of last year, the central bank in Africa’s red metal producer Zambia signed a gold purchase agreements (GPA) with Zambia Gold Company Limited (GPL) a subsidiary of ZCCM-IH Plc and Kansanshi Mining Ltd (KML) a subsidiary of First Quantum Minerals (FQM) respectively. This was a move to shore up falling foreign exchange reserves that have plummeted to decade lows. This will be one of the interventions that the Zambian authorities put in place in addition to accepting all mining taxes in dollars directly to the central bank. The gold buying solution was suggested over a year and…
Africa’s copper hotspot currently faces a rising health crisis barely a few months after taming the first COVID strain. Infections have seen a recent surge ranging between 250 to 353 on a daily basis as reported by the health authorities. These have been attributed to a slackened approach by citizens towards adhering to social distancing, masking and hand sanitization. Speaking during a Sunday interview on national television, Zambia National Public Health Institute (ZNPHI) Director Professor Victor Mukonka attributed the spike in cases over the last week to increase in public gatherings such as in drinking places, bridal parties and weddings.…
A copper smelter at one of Zambia’s key mines.