Mining in Zambia - Copperbelt Katanga Mining

Zambia Secures Debt Restructuring Deals with China and India

March 14, 2024March 14, 2024 Constance

Zambian President Hakainde Hichilema announced that agreements have been reached between China and India to restructure Zambia’s debt holdings. This move comes as Zambia seeks to address its significant debt burden, which exceeds $13 billion in external debt, a challenge compounded by its status as Africa’s second-largest copper producer, which halted payments in 2020. Last year, Zambia made progress in modifying $6.3 billion in debts owed to official lenders. However, efforts were hindered when China, as the largest creditor, objected to a deal with private investors involving approximately $4 billion… Read More Here

Chambishi Copper Smelter Reduces Production Amid Power Shortages

March 14, 2024March 14, 2024 Constance

Zambia’s Chambishi Copper Smelter, owned by China Nonferrous Metal Mining Corp (CNMC), has cut one-fifth of its production due to severe power shortages in the country. The smelter, a key processing facility in Zambia, typically produces 250,000 tonnes of copper annually. However, ongoing droughts and maintenance projects by state-owned power utility Zesco have led to reduced electricity supply, prompting Chambishi to scale back capacity. Sources indicate that Chambishi began reducing production last week, anticipating power rationing announced by Zesco starting March 11. To address concerns about power security during shortages,… Read More Here

Mining in Zambia Copper

Lumwana’s Super Pit Expansion Set to Elevate Zambia’s Copper Industry

March 13, 2024March 13, 2024 Constance

Lumwana, a prominent copper mine in Zambia, is on the brink of a transformative expansion project that will position it among the world’s leading copper producers. The development of the Super Pit expansion is poised to elevate Lumwana’s annual copper production to approximately 240,000 tonnes over a lifespan exceeding 30 years. This ambitious endeavor is a pivotal element of the Zambian government’s strategic initiative aimed at revitalizing the nation’s copper sector within the next decade. With an estimated project cost nearing $2 billion, construction is slated to commence later this… Read More Here

Mining in Zambia Battery Metals Cobalt Copper Exploration Lithium

KoBold Metals Leads the Charge in Mineral Exploration for Energy Transition

March 13, 2024March 13, 2024 Constance

KoBold Metals, a pioneering mining startup with backing from industry giants like Bill Gates and Jeff Bezos, is optimistic about its prospects in uncovering crucial metals vital for the energy transition. The company’s enthusiasm surged following its recent breakthrough discovery of a substantial copper deposit in Zambia. According to Josh Goldman, KoBold Metals’ president, this find marks a significant milestone, especially amid the mining industry’s struggle to meet the growing demand for metals essential to the energy transition. Utilizing artificial intelligence to create a “treasure map,” KoBold Metals focuses on… Read More Here

Mining in Zambia Economy

Zambia Allocates 11.7 Billion Kwacha for Public Service Delivery in February 2024

March 11, 2024March 11, 2024 Constance

The Ministry of Finance and National Planning has allocated 11.7 billion Kwacha to finance public service delivery in February 2024, according to recent reports. Out of this amount, 2.1 billion Kwacha has been allocated to transfers, subsidies, and social benefits, while 1.3 billion Kwacha will go towards implementing various government programs and general operations. Additionally, 911.3 million Kwacha has been earmarked for capital expenditure programs. Furthermore, 3.1 billion Kwacha has been allocated for debt service and arrears, with the remaining 4.3 billion Kwacha allocated for the public service wage bill.… Read More Here

Mining in Zambia Energy

Copperbelt Energy Corporation Reports 171% Profit Growth to US$137.6 Million in 2023

March 10, 2024March 10, 2024 Constance

Copperbelt Energy Corporation (#CEC) has recorded an increase in profit by 171 percent, from US$50.8 million in 2022 to US$137.6 million in 2023. According to CEC’s latest financial report signed by company secretary Julia Chaila, the energy firm also recorded an increase in revenue from US$374.4 million in 2022 to US$382.3 million in 2023, representing a two percent increase. Ms Chaila stated that the increase in revenue was underpinned by local and regional power sales that increased by five percent and two percent respectively. “The increase in earnings is as… Read More Here

Mining in Zambia Copper Press Release

ZCCM-IH Shareholders Unanimously Approve the Mopani Copper Mines Transaction

March 10, 2024March 10, 2024 Constance

ZCCM Investments Holdings Plc (ZCCM-IH) shareholders have unanimously approved the Mopani Copper Mines Plc (Mopani) transaction where Delta Mining Limited (Delta), a subsidiary of International Resource Holdings (IRH), has agreed to acquire a 51% shareholding in Mopani for a total investment of up to US$1.1 billion. The approval was given at the Shareholder’s Extraordinary General Meeting (EGM) held in Lusaka on 23rd February 2024. ZCCM-IH will retain 49% shares in Mopani, with 3 out of 9 board seats (5 by Delta and 1 by GRZ), and thus continue to participate… Read More Here

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US Calls For Progress On Zambia-Lobito Rail-Line

March 9, 2024March 9, 2024 Constance1 Comment

United States President JOE BIDEN’s Senior Advisor AMOS HOCHSTEIN has called for an accelerated path towards achieving a bankable concession agreement for the new Zambia-Lobito rail line. Mr. HOCHSTEIN says this must be aligned with host country laws, and coordinate additional investment projects that complement and benefit from the core transportation investment. He says the project will also come along with infrastructure investments in digital access, clean energy and energy supply chains, agribusiness and health. Mr. HOCHSTEIN has also expressed optimism that the construction of Lobito corridor will start in… Read More Here

Mining in Zambia Copper New Mining Projects

KoBold Metals Expedites High-Grade Copper Mine in Zambia

March 8, 2024March 8, 2024 Constance

KoBold Metals, a California-based metals exploration company with backing from billionaires Bill Gates and Jeff Bezos, is considering partnerships as it aims to expedite the development of a new copper mine in Zambia, with an estimated cost of around $2 billion. The Silicon Valley start-up, renowned for its use of artificial intelligence in prospecting for copper, cobalt, nickel, and lithium, is also contemplating a potential public listing of its shares within the next three to four years, according to Josh Goldman, its co-founder and president, as reported by Reuters. Initially… Read More Here

Mining in Zambia Copper Economy Mining tax Press Release

FQM Supports Zambia’s Export Tracking Framework

March 8, 2024March 8, 2024 Constance

Zambia’s largest taxpayer First Quantum Minerals (FQM), has pledged its support for the Bank of Zambia’s Export Proceeds Tracking Framework directives, which aim to ensure revenue from exports of goods and services, and the use of these funds, can be tracked through local Zambian bank accounts. The directives, which came into effect on January 1 this year, require exporters to match export records to funds flowing through Zambian bank accounts in order to give the Bank of Zambia greater visibility of both the source of the funds received and the… Read More Here