Mining in Zambia - Copperbelt Katanga Mining

Zesco Settles $82 Million Loan Prepayment to China Exim Bank for Kariba North Bank Extension 1

The Zambian government has clarified that the $82 million paid by Zesco to China Exim Bank is part of a loan obtained to help develop the $320 million, 360-megawatt Kariba North Bank Extension hydropower station. According to the Ministry of Finance, the financing agreement, secured in November 2009, established an account to manage funds for servicing the loan. Secretary to the Treasury, Felix Nkulukusa, explained that following approval from the Zesco Board in December 2022, the company transferred the accumulated $82 million as a principal prepayment to China Exim Bank.… Read More Here

Mining in Zambia Battery Metals

Zambia’s EV Battery Plant Nears Market Rollout Amid Manufacturing Sector Growth

December 15, 2024December 15, 2024 Constance0 comment

Commerce, Trade, and Industry Minister Chipoka Mulenga has announced that the Electric Vehicle (EV) battery plant in Chibombo, operated by the Zambia Jiangxi Multi-Facility Economic Zone, is conducting battery trials. The batteries are expected to enter the market by January 2025. Speaking at the 38th Annual General Meeting of the Zambia Association of Manufacturers (ZAM) in Lusaka, Mulenga emphasized the pivotal role of the manufacturing sector in achieving Zambia’s Vision 2030 to become a prosperous middle-income nation. During the event, a memorandum of understanding was signed between the Ministry of… Read More Here

Mining in Zambia Copper Economy

KCM to Invest $700 Million in Boosting Copper Production

December 15, 2024December 15, 2024 Constance0 comment

Konkola Copper Mines (KCM) has announced a $700 million investment over the next five years to unlock the full potential of its operations in Chililabombwe, Zambia. KCM Chief Operating Officer Malcolm Mewett revealed that this investment constitutes a significant portion of the $1 billion pledged by Vedanta Resources Limited for KCM’s growth. He emphasized that the funds will primarily focus on underground developments at the Konkola Mine, enabling the extraction of vast copper reserves and significantly increasing production. “This investment will help the mine achieve its target of producing 300,000… Read More Here

Mining in Zambia Mining technology

Zambia Hosts Timbuktoo Mine Technology Hub to Transform Africa’s Mining Industry

December 15, 2024December 15, 2024 Constance0 comment

Africa’s mining sector is poised for significant transformation with the launch of the Timbuktoo Mine Technology Hub, supported by the United Nations Development Programme (UNDP). The hub, inaugurated at the National Institute for Scientific and Industrial Research (NISIR) in Lusaka, Zambia, aims to drive technological innovation, foster creativity, and support startups across the continent. Technology and Science Minister Felix Chipota Mutati, speaking on behalf of President Hakainde Hichilema, praised the UNDP’s decision to establish this Pan-African innovation hub in Zambia. Mutati emphasized its alignment with Zambia’s goal of producing three… Read More Here

Mining in DRC Angola Governance Mining in Zambia Transport and Logistics

DRC Senate Approves Ratification of Lobito Corridor Agreement

December 15, 2024December 15, 2024 Constance0 comment

The Senate of the Democratic Republic of Congo (DRC) ratified the agreement establishing the Lobito Corridor Transit Transport Facilitation Agency (AFTTCL) during a plenary session on December 2, 2024. The agreement, signed on January 27, 2023, in Lobito, Angola, involves a partnership between the DRC, Angola, and Zambia. The bill, first presented to the Senate on November 22, 2024, was referred to the “External Relations” Committee for detailed review. The committee, led by Senator Lutundula Apala Pen Apala, recommended ratification, emphasizing the corridor’s strategic importance to the DRC’s economy and… Read More Here

Mining in Zambia Electricity

Zambia’s Power Utility Seeks Solution to $80M Payment Error in China Debt Talks

December 15, 2024December 15, 2024 Constance0 comment

Zambia is working to address an $80 million payment mistakenly transferred by its state power utility, ZESCO, to China while finalizing its long-standing debt restructuring deal with the nation, according to Treasury Secretary Felix Nkulukusa. The funds, accumulated in a securitized account from electricity sales tied to a power plant built and financed by Chinese companies, were “unfortunately” transferred, Nkulukusa explained in an interview on Sunday in Lusaka. This payment issue underscores the complexities of Zambia’s debt restructuring process, which began in 2020 when it became the first African nation… Read More Here

Mining in Zambia Economy

AfDB Approves $108 Million Loan to Boost Zambia’s Economic Reforms

December 15, 2024December 15, 2024 Constance0 comment

The African Development Bank (AfDB) Group has approved a $108 million loan to Zambia to enhance economic governance and implement critical public sector reforms. This new funding increases the AfDB’s active portfolio in Zambia to $872.3 million, comprising 24 projects as of November 30, 2024. The loan will finance the Fiscal Sustainability and Economic Resilience Support Programme, a key initiative aimed at fostering a resilient and diversified Zambian economy. The AfDB Group Board of Directors announced the approval in a statement issued in Lusaka. Raubil Durowoju, the AfDB’s Country Manager… Read More Here

Mining in Zambia Electricity Mining in DRC

Morocco, DRC, and Zambia Collaborate to Revolutionize Africa’s Electric Mobility Industry

December 15, 2024December 15, 2024 Constance0 comment

Rabat – Morocco, the Democratic Republic of Congo (DRC), and Zambia have launched a groundbreaking initiative to establish a regional value chain for electric mobility in Lusaka, Zambia, aimed at transforming Africa’s automotive sector. Led by the United Nations Economic Commission for Africa (ECA) Office for North Africa, the initiative entered its second phase on December 9, with representatives from all three nations in attendance. This project aligns with Africa’s goals to promote sustainable development, reduce fossil fuel dependency, and tackle challenges such as outdated vehicle fleets and inadequate public… Read More Here

Mining in Zambia Economy Mining tax

Zambia’s Finance Minister Refutes Tax Holidays for Multinational Mining Companies

December 11, 2024December 11, 2024 Constance0 comment

Zambia’s Finance Minister, Situmbeko Musokotwane, has dismissed allegations that the government provides tax holidays to multinational mining companies, asserting, “There is no mine that has been given a tax holiday.” Speaking in Parliament, Musokotwane emphasized that Zambia’s tax policies are designed to align with international standards, ensuring stability in the mining sector while fostering investment. . He noted that previous policy inconsistencies had led to production declines and mine closures, prompting the government to adopt a more consistent approach. The Minister criticized misinformation from certain civil society organizations and political… Read More Here

Mining in Zambia Copper Economy

Zambia Seeks EU Support to Strengthen Mining and Economic Development

December 11, 2024December 11, 2024 Constance0 comment

Zambia’s Minister of Mines and Mineral Development, Hon. Paul Kabuswe, has called on the European Union (EU) to bolster its support for Zambia’s mining sector and overall economic growth. The Minister made the appeal during a bilateral meeting with EU International Partnership Commissioner Jozef Sikela in Brussels. Hon. Kabuswe emphasized Zambia’s political stability, adherence to the rule of law, and peaceful environment as key factors in attracting European investors. He highlighted the mining sector’s impressive $10 billion investment growth over the past three years and acknowledged the EU’s valuable contributions… Read More Here