Mining in Zambia - Copperbelt Katanga Mining

Zambia to Pursue Larger Holdings in New Mining Projects

February 12, 2024February 12, 2024 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

February 12, 2024February 12, 2024 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

Mining in Zambia Mining revenue

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

February 12, 2024February 12, 2024 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

Mining in Zambia Copper

FQM BACKS ZAMBIA’S MINING GROWTH STRATEGY

February 12, 2024February 12, 2024 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

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

February 6, 2024February 6, 2024 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

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President Hakainde Hichilema Delivers Keynote speech at the Mining Indaba 2024

February 6, 2024February 6, 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

Mining in Zambia Copper

Zambia Aims for Glencore Debt Restructuring with New Mopani Investor

February 4, 2024February 4, 2024 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

Mining in Zambia Exploration

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

February 4, 2024February 4, 2024 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

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FQM Dominates Zambia’s Extractive Sector Contributions

February 4, 2024February 4, 2024 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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Gemfields Achieves Strong Auction Revenues in 2023 Despite High-Quality Emerald Auction Withdrawal

February 1, 2024February 1, 2024 Constance

Gemstone mining company Gemfields reported robust auction revenues and pricing for both emeralds and rubies, reaching $242 million in 2023. This marks the second-highest year in Gemfields’ history, even with the withdrawal of the higher-quality emerald auction in November 2023. Gemfields’ 75%-owned Kagem emerald mine in Zambia witnessed a notable improvement in the quality and quantity of premium emeralds recovered in recent months. Emerald auction revenues for the year amounted to $90.4 million. The company’s 75%-owned Montepuez ruby mine in Mozambique earned $151.4 million for the year. Gemfields’ cumulative emerald… Read More Here