Mining in Zambia - Copperbelt Katanga Mining

Xtract Resources Enters JV to Acquire Majority Stake in Zambia's Silverking Copper Mine 1

Xtract Resources has announced a joint venture (JV) agreement with Oval Mining, in collaboration with Cooperlemon Consultancy, aimed at acquiring up to a 70% stake in Zambia’s Silverking copper mine and its associated exploration license. The initial option period spans 18 months, during which Xtract is obligated to invest $500,000 in exploration activities to earn a 51% interest. Upon completion of the earn-in period or upon reaching the investment threshold, the JV will be formally established between Xtract and Cooperlemon. Xtract retains the option to increase its stake to 70%… Read More Here

Zambia’s Copper Production Set to Soar to 1 Million Tons by 2026 Amid Mine Expansions

April 7, 2024April 7, 2024 Constance

Zambia anticipates a significant rise in copper output, potentially reaching close to 1 million tons by 2026, driven by investments in expanding production at various mines, including those owned by First Quantum Minerals, according to Finance Minister Situmbeko Musokotwane. Copper production, crucial for Zambia’s economic prosperity, has been experiencing a gradual decline in Africa’s second-largest producer of the metal. Despite this, the government aims to boost output to around 3 million tons within the next decade. In 2023, copper output decreased to 698,000 tons from 763,000 tons the previous year,… Read More Here

Mining in Zambia Electricity

Zambia and Mozambique Strengthen Power Collaboration to Address Electricity Deficit

April 7, 2024April 7, 2024 Constance

Zambia and Mozambique have enhanced their partnership to tackle Zambia’s electricity shortfall by finalizing an agreement for additional power imports on Thursday last week. Under the agreement, signed by Zambia’s Zesco Limited and Mozambique’s state-owned energy firm, Mozambique Electricity (EDM), Zambia will now import an extra 40 megawatts of power, supplementing the existing 50 megawatts from a previous deal. This raises the total import capacity to 90 megawatts, effective until June 30, 2025. Victor Mapani, Zesco’s managing director, praised the amended agreement as evidence of the strong collaboration between the… Read More Here

Mining in Zambia

Zambia’s Mining Association Voices Concerns Over License Cancellations

April 4, 2024April 4, 2024 Constance1 Comment

The Emeralds and Semi-Precious Stones Mining Association of Zambia (ESMAZ) has expressed apprehension following the Ministry of Mines and Minerals Development’s decision to revoke over 2,500 mining licenses for small-scale miners. ESMAZ President Victor Kalesha has raised questions about the intended recipients of these licenses, expressing worry that they may be allocated to foreign companies instead of benefiting local miners. Kalesha highlighted concerns about certain officers within the Ministry’s cadastre department who, he believes, are working against the interests of Zambians. He stressed the need for engagement on statutory requirements… Read More Here

Mining in Zambia

Zambia Cancels Mining Rights Over Non-Compliance

April 4, 2024April 4, 2024 Constance

In compliance with Section 72 of the Mines and Minerals Development Act No. 11 of 2015, the Mining Licensing Committee (MLC) has taken decisive action at its 78th meeting to cancel certain mining and non-mining rights. These cancellations stem from non-compliance with the conditions stipulated in the grant of these rights, as clearly outlined in default notices circulated on October 24, 2023. Despite receiving these notices, the affected parties failed to take adequate remedial measures to address the Committee’s concerns satisfactorily. The cancellation of these rights is in accordance with… Read More Here

Mining in Zambia Economy

Zambia Association of Manufacturers Foresees Economic Recovery Post-Debt Restructuring

April 4, 2024April 4, 2024 Constance

The Zambia Association of Manufacturers (ZAM) expresses confidence in the restoration of Zambia’s credibility among the international community and lending institutions following debt restructuring. ZAM President Ashu Sagar asserts that Zambia can now focus on economic growth, thanks to debt restructuring measures. Sagar emphasizes that restructuring will enable the country to allocate resources towards crucial sectors, promoting investment and development. The previous debt burden had created uncertainty for the private sector and potential investors, hindering domestic economic growth. Sagar urges remaining commercial creditors to expedite negotiations to ensure a swift… Read More Here

Mining in Zambia Transport and Logistics

Presidents Hichilema and Masisi Advocate for Optimization of Kazungula Bridge Asset

April 4, 2024April 4, 2024 Constance

President Hakainde Hichilema and his counterpart Mokgweetsi Masisi have emphasized the need to optimize the Kazungula Bridge asset to ensure uniform development in the surrounding areas. They urged relevant offices to expedite negotiations on pending agreements during a joint communique read by Foreign Affairs Permanent Secretary Etambuyu Gundersen after witnessing the signing of 10 instruments of cooperation. Additionally, both presidents highlighted the importance of constructing a rail line to promote traffic flow across the bridge and enhance trade between Zambia and Botswana. Stakeholders have welcomed the signing of the 10… Read More Here

Mining in Zambia Copper

FQM CELEBRATES GRADUATE DEVELOPMENT PROGRAMME COMPLETION

April 3, 2024April 3, 2024 Constance

First Quantum Minerals’ subsidiary, FQM Trident, has celebrated the completion of its first Graduate Development Programme (GDP), recognising the achievements of eight young professionals who have successfully completed the two-year programme. The GDP was launched in 2022 with the aim of nurturing fresh talent and building a robust pipeline for the future of Trident. After a rigorous selection process, 12 exceptional individuals were chosen to embark on the programme. Speaking at the graduation ceremony, FQM Trident Limited, General Manager Gordon White, emphasised the importance of embracing a mindset of continuous… Read More Here

Mining in Zambia Economy

Zambia negotiating $3.3 bln commercial debt restructuring, after bonds deal

April 3, 2024April 3, 2024 Constance

Zambia is in talks to restructure $3.3 billion of commercial debt, after reaching a deal with overseas holders of its sovereign bonds last week, an official said on Wednesday, as the country seeks to emerge from a three-year default.“We have already started negotiations and with some we are almost reaching there,” Secretary to the Treasury Felix Nkulukusa said at a public meeting, referring to private creditors other than bondholders. “The $3.3 billion is the money that we have to continue engaging (on) and we are engaging in good faith,” he… Read More Here

Mining in Zambia Copper Economy

Zambia’s Minister of Mines Declares Glencore’s Exit from Mopani Copper Mines

April 3, 2024April 3, 2024 Constance

The Minister of Mines and Mineral Development, Paul Kabuswe, has announced a significant development in the operations of Mopani Copper Mines (MCM). According to Mr. Kabuswe, Glencore, the Swiss mining and commodity trading giant, has completely disengaged from Mopani following the resolution of a substantial debt issue by International Resources Holdings (IRH). Initially, Glencore was owed a substantial sum amounting to US$1.7 billion. However, through negotiations with the government, this debt was successfully reduced to US$400 million. This negotiation paved the way for Glencore to sever its ties with Mopani,… Read More Here