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Category: Mining in Zambia

FQM Seeks Minority Stake Sale in Zambian Copper Operations 1 Mining in Zambia Copper 

FQM Seeks Minority Stake Sale in Zambian Copper Operations

Constance
First Quantum Minerals Limited is currently attracting interest from various parties interested in acquiring a minority stake in its Zambian copper operations, as the Canadian mining company endeavors to strengthen its balance sheet. Discussions regarding the sale of a minority stake in the Zambian business are underway, as the company faces pressure to bolster its financial position and generate cash following the closure of its flagship copper mine in Panama. This information was reported by Bloomberg News. Robert Harding, Chairman of First Quantum, indicated that the company is specifically seeking… Read More Here
Zambia Revenue Authority Detects Discrepancies in Mining Audits 2 Mining in Zambia Environment Social Governance (ESG) Mining tax 

Zambia Revenue Authority Detects Discrepancies in Mining Audits

arnbethnic
ZAMBIA Revenue Authority (#ZRA) says mining entities are audited on a regular basis and discrepancies have been detected in some of the financial records that have been assessed. ZRA commissioner for domestic tax division Joseph Nonde said the audits in the mines are conducted on a risk profile basis, checking for specific queries that need to be addressed. Mr Nonde said currently there are audits taking place in some of the large-scale mines and some discrepancies have been found. “Audits are done on a regular basis in mining entities here… Read More Here
FQM touts interest in its Zambia copper operations 3 Mining in Zambia Copper 

FQM touts interest in its Zambia copper operations

Constance
First Quantum Minerals Ltd. has attracted interest from multiple parties wanting to buy a minority stake in its Zambian copper operations, as the Canadian miner continues efforts to shore up its balance sheet. First Quantum has signed non-disclosure agreements with several groups interested in the African mines, and expects to soon provide access to a data room for due diligence, said First Quantum Chairman Robert Harding. He didn’t specify details about the parties or a timeline for signing a potential deal. Talks to sell a minority stake in the Zambian… Read More Here
Zambia Develops Plans to Address Electricity Needs Amid Drought Threat to Hydropower 4 Mining in Zambia Electricity Energy 

Zambia Develops Plans to Address Electricity Needs Amid Drought Threat to Hydropower

Constance
Zambia has developed strategies to import and manage electricity as a severe drought threatens to impact hydropower generation, the nation’s primary power source, as reported by Reuters. The ongoing dry spell, declared a national disaster, is anticipated to negatively affect food production and could have repercussions on the mining sector, a vital component of Zambia’s economy as the second-largest copper producer in Africa. President Hichilema highlighted that the energy sector is projected to face a deficit of nearly 450 to over 500 megawatts this year due to the prolonged dry… Read More Here
Enterprise Mine in Zambia Targets 20,000 Tonnes of Nickel Production 5 Mining in Zambia Battery Metals Nickel 

Enterprise Mine in Zambia Targets 20,000 Tonnes of Nickel Production

Constance
Enterprise Mine, a nickel-producing operation managed by Trident Limited in Kalumbila District, Zambia’s North Western Province, is targeting a production of approximately 20,000 tonnes of nickel this year. According to Junior Keyser, Outgoing General Manager of Trident Limited, the mine is fully operational and currently employs around 750 contractors and 250 direct employees. Keyser notes that the enterprise is currently generating about 1,000 tonnes of final product nickel per month as production continues to increase at its plant. He emphasizes the mine’s intention to capitalize on the high demand for… Read More Here
Zambian Govt to Monitor Contractor Conditions at Mopani Copper Mines 6 Mining in Zambia Copper 

Zambian Govt to Monitor Contractor Conditions at Mopani Copper Mines

Constance
In response to the acquisition of Mopani Copper Mines by Abu Dhabi’s International Resources Holdings, the government has announced plans to closely monitor the working conditions of contractors. Minister of Mines, Paul Kabuswe, asserts that this oversight aims to uphold fair wages and decent standards of work. During an appearance on Radio Mafken’s express chit-chat programme, Minister Kabuswe emphasized the government’s commitment to ensuring that the transition of Mopani to a new investor benefits all workers, including contractors and suppliers. Highlighting the significance of the issue, Minister Kabuswe disclosed plans… Read More Here
Jiangxi Copper buys $212 million of First Quantum shares 7 Mining in Zambia Copper 

Jiangxi Copper buys $212 million of First Quantum shares

arnbethnic
First Quantum Minerals Ltd.’s second-largest shareholder bought an additional C$287.5 million ($212 million) in shares of the Canadian metals producer that’s been hurt by the forced closure of its flagship copper mine in Panama. China’s Jiangxi Copper Co. bought 25.9 million First Quantum shares for C$11.10 each through a stock sale by the Canadian company, according to a Friday regulatory filing. The Canadian company raised C$1.55 billion last month through a bought deal offering that was part of refinancing measures to shore up its balance sheet following the shutdown of… Read More Here
Zambia Embraces US-Backed Project to Transform Copper Mining Logistics 8 Mining in Zambia Copper Mining in DRC Transport and Logistics 

Zambia Embraces US-Backed Project to Transform Copper Mining Logistics

Constance
Zambian President Hakainde Hichilema has hailed a transformative initiative supported by the United States, aiming to link the nation’s copper mines to the Angolan port of Lobito, presenting what he calls a “once-in-a-lifetime” opportunity for Zambia. The ambitious project involves the construction of new railway infrastructure in Zambia, connecting mining operations owned by companies such as Barrick Gold Corp. and First Quantum Minerals Ltd. to the Atlantic Ocean port of Lobito in Angola. The United States is contributing to the refurbishment of the Angolan railway with a $250 million loan,… Read More Here
First Quantum Minerals completes pair of key financing deals 9 Mining in Zambia International 

First Quantum Minerals completes pair of key financing deals

arnbethnic
First Quantum Minerals Ltd. has completed two key financing deals to raise a total of more than US$2 billion that it plans to use to repay other debt and for general corporate purposes. The refinancing comes as the company pursues an international arbitration process over Panama’s decision to effectively shut down the company’s copper mine in the country. First Quantum chief executive Tristan Pascall says the successful completion of the refinancing has strengthened the company’s balance sheet and will enable it to deliver on an expansion at its Kansanshi mine… Read More Here
SOLWEZI COOPERATIVES RECEIVE K2.6M BOOST FROM FQM  10 Mining in Zambia Copper Corporate social responsibility 

SOLWEZI COOPERATIVES RECEIVE K2.6M BOOST FROM FQM 

Constance
First Quantum Minerals (FQM) has doubled the number of small business cooperatives it supports under its Tujipamo Community Project to empower entrepreneurs in the areas around its Kansanshi mine in Solwezi. Some K2.6 million has been disbursed to 12 cooperatives this year, building on the support for six cooperatives last year by the company’s Kansanshi Mining operation. The Tujipamo Community Project builds upon the success of last year’s pilot project, under which Kansanshi Mining supported six cooperatives with more than K5 million. The positive impact of this initial endeavour encouraged… Read More Here

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