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Category: Mining in Zambia

Vedanta weighs sale of minority stake in Zambian copper assets 1 Mining in Zambia Copper 

Vedanta weighs sale of minority stake in Zambian copper assets

Constance
Vedanta Base Metals CEO Chris Griffith said last week that the company is talking to a range of financing partners to raise money for a restart of its Konkola Copper Mines unit in Zambia, including the sale of a minority stake in KCM. Vedanta will remain the majority shareholder in the unit if a minority stake is sold, Griffith said in an interview on the sidelines of an African mining conference in Cape Town. “We are in the fundraising process at the moment to raise $1.3 billion,” he said. That… Read More Here
Zambia to Pursue Larger Holdings in New Mining Projects 2 Mining in Zambia 

Zambia to Pursue Larger Holdings in New Mining Projects

Constance
Zambia aims to negotiate larger stakes in new mining projects to enhance revenue and promote social initiatives, according to Mines Minister Paul Kabuswe. The initiative, spearheaded by Lusaka through state-owned ZCCM-IH, will focus on future agreements and excludes existing mines to ensure investor confidence, Kabuswe informed Reuters. As Africa’s second-largest copper producer, Zambia holds interests ranging from 10% to 20% in various mines, including those owned by Barrick Gold, Vedanta Resources, and First Quantum Minerals. Recently, ZCCM sold a 51% stake in Mopani Copper Mines, retaining the remainder previously owned… Read More Here
Zambia's Direct Copper Trading Strategy to Reshape Economy 3 Mining in Zambia Copper Economy 

Zambia’s Direct Copper Trading Strategy to Reshape Economy

Constance
In a strategic move set to transform Zambia’s copper industry, the nation plans to directly purchase and sell a portion of its copper production, challenging industry giants like Mercuria Energy and Glencore. Jito Kayumba, senior economic adviser to President Hakainde Hichilema, emphasized the aim of ensuring fairness and commercial viability for mining companies in this new approach. Zambia aligns itself with neighboring countries such as Botswana and the Democratic Republic of Congo, seeking to maximize economic benefits from mineral resources by gaining direct access to commodities for sale. Despite holding… Read More Here
Zambia's Mining Sector Sets New Record with Tax Contributions Reaching K43 Billion 4 Mining in Zambia Mining revenue 

Zambia’s Mining Sector Sets New Record with Tax Contributions Reaching K43 Billion

Constance
Tax payments from the mining sector rose by 11 percent to K43.3 billion in 2022, according to the latest independently audited report from the Zambia Extractive Industries Transparency Initiative (ZEITI). The report showed that total revenues received by government from the mining sector rose to more than K43.3 billion in 2022, a significant increase on the K39 billion received in 2021. With top contributing mines being Kansanshi Mining with contributions of K15 billion, FQM Trident making contributions of K8.6 billion and Lumwana Mine making contributions of K4 billion. The overall… Read More Here
FQM BACKS ZAMBIA’S MINING GROWTH STRATEGY  5 Mining in Zambia Copper 

FQM BACKS ZAMBIA’S MINING GROWTH STRATEGY 

Constance
First Quantum Minerals (FQM) pledged its support for President Hakainde Hichilema’s vision for the future of mining in Zambia, in which he outlined plans to expand copper production and position the country as a major player in the global mining industry. Speaking at the Investing in African Mining Indaba 2024, where the President gave a keynote address last week, FQM Lead of Infrastructure Development, Jed Goldstein, restated the company’s dedication to fostering sustainable development in Zambia through continued investment in infrastructure, technology, and people, aimed at enhancing operational efficiency and… Read More Here
ZCCM-IH and Kobold Mingomba JV Unveils Zambia's Biggest Copper Find in a Century 6 Mining in Zambia Battery Metals Cobalt Copper Lithium New Mining Projects Nickel 

ZCCM-IH and Kobold Mingomba JV Unveils Zambia’s Biggest Copper Find in a Century

Constance
Yesterday, Joint venture partners ZCCM-IH and KoBold Metals, a Silicon Valley company using artificial intelligence to discover critical minerals for the electric vehicle and renewable energy revolutions, discussed the details of their recent copper discovery at the Mingomba deposit.“ZCCM-IH’s goal is to ensure that Zambia’s finite mineral resources are optimized and benefit the people of Zambia,” said ZCCM-IH Board Chair Mr. Kakenenwa Muyangwa. “ZCCM-IH is proud to be an active investor partnering with Kobold Metals in the Mingomba Deposit, which is well-positioned to help create new jobs, bring significant new… Read More Here
President Hakainde Hichilema Delivers Keynote speech at the Mining Indaba 2024 7 Mining in Zambia Battery Metals Copper Events & Expos 

President Hakainde Hichilema Delivers Keynote speech at the Mining Indaba 2024

Constance
In his address at the 2024 African Mining Indaba in Cape Town, Zambia’s President Hakainde Hichilema highlighted the significant strides made in the country’s mining sector and called for continued investment to power Africa’s future. President Hichilema began by expressing condolences on the passing of Namibian President Hage G. Geingob and extended sympathies to his family and the people of Namibia. He then expressed gratitude to His Excellency President Cyril Ramaphosa and other dignitaries present. Reflecting on the progress since his last address in 2022, President Hichilema highlighted key investments… Read More Here
Zambia Aims for Glencore Debt Restructuring with New Mopani Investor 8 Mining in Zambia Copper 

Zambia Aims for Glencore Debt Restructuring with New Mopani Investor

Constance
Zambia is in the process of restructuring a $1.5 billion debt owed by Mopani Copper Mines to Glencore, originating from Glencore’s acquisition of Mopani in 2021, ZCCM-Investment Holdings (ZCCM-IH) announced on Friday. A Glencore spokesperson confirmed ongoing discussions on the debt restructuring but emphasized that no final agreement had been reached. In 2022, Glencore had written down the Mopani debt to $596 million as the copper miner struggled to meet production targets due to insufficient funding. In November, Zambia selected the United Arab Emirates’ International Resources Holdings (IRH) as the… Read More Here
Zambia's Mines Ministry Plans Extensive Geological Mapping for Mineral Assessment 9 Mining in Zambia Exploration 

Zambia’s Mines Ministry Plans Extensive Geological Mapping for Mineral Assessment

Constance
Permanent Secretary of Zambia’s Ministry of Mines and Minerals Development Hapenga Kabeta, recently disclosed plans to commence geological mapping across the country to determine its mineralization. In an interview, Dr. Kabeta outlined the division of the nation into four zones, marking the preparation for this extensive exercise. “We have to find out what minerals are there in the country, where they are, and in what quantities. This year we are starting the exercise of mapping the country, and we have divided it into four zones. I’m confident the exercise will… Read More Here
FQM Dominates Zambia's Extractive Sector Contributions 10 Mining in Zambia Copper Mining tax 

FQM Dominates Zambia’s Extractive Sector Contributions

Constance
First Quantum Minerals (FQM) emerged as the primary revenue contributor to the Zambian government from the extractive sector in 2022, according to the latest Zambia Extractive Industry Transparency Initiative (ZEITI) report. The independently audited report unveiled that FQM, a key player in the mining industry, significantly contributed over K25 billion in taxes, royalties, and various payments. The report, presented during the launch in Solwezi, North-Western Province, underscored FQM’s pivotal role in supporting the Zambian economy. The company made a substantial commitment of over a billion dollars for additional capital investment,… Read More Here

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