Mining in Zambia - Copperbelt Katanga Mining

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

June 15, 2024June 15, 2024 Constance

Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here

Mining in Zambia Copper Economy

Zambia to Establish New Mineral Investment Entity to Boost Revenue

June 15, 2024June 15, 2024 Constance

Zambia’s Cabinet announced on Wednesday its approval to establish a new entity dedicated to investment and trading in minerals, aimed at enhancing earnings from the country’s natural resources. As Africa’s second-largest copper producer, Zambia currently holds various mining assets through ZCCM Investment Holdings. The government plans to create a Special Purpose Vehicle (SPV) for investment and trading purposes, shifting away from the traditional dividend payment model to a production-based sharing mechanism. This change is intended to ensure that benefits from mineral resources extend beyond statutory obligations to benefit the Zambian… Read More Here

Mining in Zambia Mine Safety News in Brief

Burial of Sensele Mine Accident Victims Held in Chingola

June 9, 2024June 9, 2024 Constance

The remains of the nine victims from the Sensele mine accident in Chingola district, Copperbelt, have been laid to rest at Chingola Cemetery. Mines Minister Paul Kabuswe emphasized the government’s commitment to ensuring safer operations for small-scale miners to prevent future accidents. During the burial, Copperbelt Minister Elisha Matambo expressed gratitude to the families of the deceased for their patience and cooperation during this difficult time. Chingola Mayor Johnson Kang’ombe and District Commissioner Raphael Chimupi reassured the mourners of the government’s support for the people of Chingola during such challenging… Read More Here

Mining in Zambia Economy

Zambia Implements Strategic Measures to Restore Economic Stability and Foster Growth

June 9, 2024June 9, 2024 Constance

The Zambian government has launched strategic interventions aimed at restoring macroeconomic stability, enhancing economic efficiency, and promoting private sector-led growth through increased investments. Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, reaffirmed the government’s commitment to collaborating with the private sector during his address at the Zambia Association of Manufacturers (ZAM) pre-budget meeting in Lusaka earlier this week. He emphasized that the private sector’s expansion and its ability to seize upcoming investment opportunities are crucial to Zambia’s economic prosperity. Minister Musokotwane identified several key challenges contributing to Zambia’s recent… Read More Here

Mining in Zambia Emeralds Infrastructural Development Press Release

Kagem Mining Limited Funds Groundbreaking of Chapula Polytechnic, Zambia’s First Official Polytechnic

June 8, 2024June 8, 2024 Constance

Today, the Minister of Technology and Science, Hon. Felix Mutati, MP, led the groundbreaking ceremony signalling the start of construction work for Chapula Polytechnic in Lufwanyama – Zambia’s first official polytechnic. The ceremony demonstrates Kagem Mining Limited (Kagem)’s commitment to fulfilment of the Memorandum of Understanding (MoU) it signed with the Government in September 2023, in which the mine committed to the construction of the centre at an estimated cost of ZMW 52.5 million (USD 2.5 million). The centre will aim to provide local people from Lufwanyama and other areas surrounding… Read More Here

Mining in Zambia Copper New Mining Projects

KoBold Metals Plans $2.3 Billion Investment in Zambia’s Largest Copper Mine

June 7, 2024June 9, 2024 Constance

KoBold Metals, a mining exploration company backed by Bill Gates, is planning to invest up to $2.3 billion to develop a major new copper mine in Zambia, according to President Hakainde Hichilema, who cited company figures. The company aims to produce over 300,000 metric tons of copper annually at the Mingomba site, positioning it as Zambia’s largest copper operation. KoBold Metals plans to begin sinking the mining shaft in the first half of 2026, as announced by company officials during a meeting with Hichilema, which was broadcast on state television.… Read More Here

Mining in Zambia Oil & Gas Petroleum

ERB Suspends Exxon Petroleum Energy’s License Over Fraud Allegations

June 7, 2024June 7, 2024 Constance

The Energy Regulation Board (ERB) has suspended the operating license of Exxon Petroleum Energy Limited due to alleged fraudulent practices. The company, owned by Dr. Kafula Mubanga, President of the Oil Marketing Association of Zambia (OMCAZ), faces numerous lawsuits from various companies for failing to supply fuel. Recently, Judge Chilombo Maka ordered Dr. Mubanga to pay Luapula Energy Limited K3,506,195.90 for 52 tankers of petroleum products obtained on credit. Exxon Petroleum Energy Limited failed to clear the outstanding debt and did not defend itself in court. Attempts to recover the… Read More Here

Mining in Zambia Economy

Zambia to receive $338 million in latest IMF Staff-Level Agreement

June 6, 2024June 6, 2024 Constance

In the third review of the Extended Credit Facility (ECF) Programme, the government has revealed that it has successfully reached an agreement on further economic policies and reforms. Part of the review is that Zambia will receive $338 million. The Finance and National Planning Minister, Situmbeko Musokotwane expressed his gratitude to the IMF for considering Zambia’s request for additional financial support to aid its response to the drought. The aim of the ECF is to restore macroeconomic stability in Zambia. The IMF hopes to achieve this by: · Restoring sustainability… Read More Here

Mining in Zambia Technology & Innovation

Zambian Technology Minister Urges Entrepreneurs to Embrace Cutting-Edge Marketing Technologies

June 6, 2024June 6, 2024 Constance

The Technology and Science Minister of Zambia, Hon. Felix Mutati, has emphasized the critical importance of integrating the latest technologies into marketing strategies for Zambian entrepreneurs. In an effort to enhance business effectiveness, Minister Mutati urged entrepreneurs to leverage cutting-edge technologies from China, particularly in network marketing. During the official launch of Angelo HZS International’s operations in Zambia, held in Lusaka over the weekend, Minister Mutati commended the Chinese company’s commitment to sharing its technological advancements with the Zambian business community. He highlighted the significance of staying abreast of modern… Read More Here

Mining in Zambia

ZEMA Approves 207 New Projects Worth $965 Million in April and May 2024

June 6, 2024June 6, 2024 Constance

The Zambia Environmental Management Agency (ZEMA) has approved 207 new projects, increasing the total number of approved projects in 2024 to 452. These newly approved initiatives, assessed in April and May 2024 by ZEMA’s Environmental Assessment Committee, represent an investment value of approximately $965 million. The cumulative investment for all projects approved this year now stands at about $2.0 billion. Eng. Godfrey Mwiinga, Director General of ZEMA, highlighted the significance of these approvals in addressing current environmental and economic challenges. Among the newly approved projects are five solar energy initiatives… Read More Here