Head of State in Africa’s second largest copper producer, Zambia, has warned Vedanta and Glencore local units namely Konkola and Mopani Copper Mines respectively citing that he feels cheated by their recent conduct. President Edgar Lungu said this to in an address while on the Copperbelt province as part of a 3 day working visit. Zambian authorities will also be courting the mines on the Copperbelt of Africa following the recent spate of negative developments in the sector where Mopani is hinting layoffs after it shuts its two shafts which are supposedly uneconomical and Konkola Copper Mines that has been…
Author: The Editor
The World Bank’s Board on 17 May granted Zambia $100 million in International Development Association (IDA) credit for the purpose of improving its natural resource management in 16 select districts covering three provinces namely Luapula, Muchinga and Northern province. This will be part of the Transforming Landscapes for Resilience and Development (TRALARD) project supports sustainable use of natural resources for livelihoods, and help the government of Zambia respond adequately and timely to a crisis or emergency. World Bank Country Manager for Zambia Ina Ruthenburg stressed the importance of the TRALARD project for Zambia citing the design of its activities with a view towards reversing forest and land degradation and…
Think tank in Africa’s second largest copper mining hub has backed the states stance on requesting Glencores subsidiary, Mopani Copper Mines (MCM) to hand back the two supposedly uneconomic shafts that it has earmarked for shut down. According to a press release shared with the BT, Economics Association of Zambia Copperbelt Chapter Head Matthews Muyembe said the Association was happy with the Mines Minister – Honourable Richard Musukwa’ s stance on the hand over the shafts to the state if they have failed to run them. Muyembe said this move would allow local investors to harvest the mineral remains and…
Think tank in Africa’s second largest copper mining hub has backed the states stance on requesting Glencores subsidiary, Mopani Copper Mines (MCM) to hand back the two supposedly uneconomic shafts that it has earmarked for shut down. According to a press release shared with the BT, Economics Association of Zambia Copperbelt Chapter Head Matthews Muyembe said the Association was happy with the Mines Minister – Honourable Richard Musukwa’ s stance on the hand over the shafts to the state if they have failed to run them. Muyembe said this move would allow local investors to harvest the mineral remains and…
The currency in Africa’s copper producer Zambia recorded its largest one day slide to close 13 May trading at 13.3 for a unit of dollar. The Kwacha had closed previous session at 12.85. Intraday trading saw the local unit weaken to 13.5 after pairing losses to close yesterday at 13.3. In an interview with an unnamed commercial forex trader, the BT established that despite the Kwacha being on the back-foot for most of the month on account of waning sentiment, speculative buying characterized the market as the unit approached 13 for a dollar forcing a surge of conversions into the…
Global Finance ranked Barclays as Zambia’s best bank for 2019 according to a press release shared with the Business Telegraph. This will be the second time in a row that Barclays is bagging the award. Global Finance cited Barclays for outstanding performance and excellence in the year for which it has exhibited consistency on. This award comes at a time when Barclays has defied the odds by posting record earnings in the top two of the 18 commercial bank industry post the divorce deal proving critics wrong. Barclays Zambia under the leadership of Mizinga Melu has proved to previous shareholders…
Glencore Zambia unit has advised that it will be shutting down two of its uneconomic units in Africa’s second largest copper producer Zambia. This was contained in a press release dated 10 May. Mopani Copper Mines Plc, will cease operations at its Mindola North and Central shafts as they have outlived their useful lifespan. The miner instead focus its efforts on essential capital projects which include the Synclinorium concentrator, Mindola deeps and Henderson shaft in Mufulira. “We believe this approach will enable us to focus on achieving both safe and productive outcomes which are essential to position Mopani for a…
Glencore has advised that it will be shutting down two of its uneconomic units in Africa’s second largest copper producer Zambia. This was contained in a press release dated 10 May. Mopani Copper Mines Plc, will cease operations at its Mindola North and Central shafts as they have outlived their useful lifespan. The miner instead focus its efforts on essential capital projects which include the Synclinorium concentrator, Mindola deeps and Henderson shaft in Mufulira. “We believe this approach will enable us to focus on achieving both safe and productive outcomes which are essential to position Mopani for a successful future,”…
Finance Minister in Africa’s copper producer Zambia, Margaret Mwanakatwe disclosed in a treasury note on 10 May that Zambia’s external debt rose marginally to $10.178 billion as at 31 March. Mwanakatwe informed the nation that the infinitesimal rise to $10.178 billion from U$10.05 billion accounted for 38% of gross domestic product. The MinFin Minister also stated that stock of government securities marginally declined due to the pay out on some maturities. The domestic debt stock at end March 2019 was K58.21 billion down from K58.26 billion recorded at end 2018, accounting for 21% of gross domestic product. Guarantees amounted to…
Yields on Kwacha treasury bills widened 175 and 220 basis points in the 9-month and 1 year tenors respectively in Thursdays 09 May government security sale. One year money is now priced at 26.2501% while the next attractive point on the Kwacha curve is 25.2501% in the 9 -months tenor. Seven hundred and eighty million Kwacha (K780 million) of the K1,070.47 million in bids was absorbed. Bid offer ration of the K950 million was 0.82 in cash terms. Auction skew was concentrated in the 1-year housing 61.2% of the demand followed by 19.1% in the 9 – month. This is…