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Category: Mining in Zambia

ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023 1 Mining in Zambia Copper Mining tax Taxes 

ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023

Constance
Zambia Consolidated Copper Mines Limited (ZCCM-IH) has reported a significant increase in post-tax losses for the 2023 financial year, reaching over K4 billion (approximately $222 million). According to financial statements reviewed by Zambian Business Today (ZBT), the group faced notable financial challenges in 2023. Post-tax losses rose from ZMW3,786 million ($222.03 million) in 2022 to ZMW4,076 million ($198.59 million) in 2023. The primary factor contributing to this increase was the underperformance of Mopani Copper Mines Plc, which reported a substantial loss of ZMW8.97 billion ($436.94 million). “Mopani’s lower copper production… Read More Here
Lobito Atlantic Railway orders new container wagons to transport goodsvia the Lobito Corridor 2 Transport and Logistics Angola Mining in DRC Mining in Zambia Press Release 

Lobito Atlantic Railway orders new container wagons to transport goodsvia the Lobito Corridor

Constance
Lobito, Angola, 19 June 2024 – The Lobito Atlantic Railway (LAR), the concession holder for the operation, management and maintenance of the Lobito Corridor, has placed an order for 275 new container wagons from South African company Galison Manufacturing for an undisclosed sum. The container wagons will be delivered in three tranches with the first wagons due to arrive in Lobito from the fourth quarter of this year. They will be able to carry 10, 20 and 40 ft long containers, giving flexibility for the load transported. This order is… Read More Here
Italy Joins US and EU in Promoting Sustainable Development Along Lobito Corridor 3 Transport and Logistics Angola Mining in DRC Mining in Zambia 

Italy Joins US and EU in Promoting Sustainable Development Along Lobito Corridor

Constance
On Friday, during the G7 meeting it hosted, Italy committed to joining the US and EU in efforts to promote sustainable development along the Lobito Corridor. This initiative aims to enhance collaboration and mobilize up to $320 million in investments to support core rail infrastructure and related projects, in synergy with the Green Infrastructure Alliance in Africa (AGIA). The Lobito Corridor is a significant railway infrastructure that traverses Angola, the Democratic Republic of Congo, and Zambia, regions rich in minerals and oil. It connects Southern and Central Africa, providing access… Read More Here
Zambia Announces Stability in Fuel Supply and Progress on TAZAMA Pipeline Open Access Regime 23 Mining in Zambia Oil & Gas Petroleum 

Zambia Announces Stability in Fuel Supply and Progress on TAZAMA Pipeline Open Access Regime

Constance
Energy Permanent Secretary, Mr. Peter Mumba has provided key updates on the fuel situation in Zambia during a press briefing, emphasizing the country’s ample petroleum and diesel stocks, and urging the public to remain calm. Mr. Mumba highlighted the government’s ongoing efforts to implement an open access regime for the TAZAMA pipeline through a competitive bidding process, which is currently at the award stage.  He noted the importance of this development, particularly as 100% of petroleum products are delivered by road, while 80% of diesel is transported through the TAZAMA… Read More Here
Gemfields Announces Board Restructuring for Growth and Leadership 24 Mining in Zambia Gemstones Mining Personality 

Gemfields Announces Board Restructuring for Growth and Leadership

Constance
Gemfields, holding a majority stake in the Kagem emerald mine in Lufwanyama, Zambia, has unveiled significant changes to its Board of Directors effective 1 July 2024, following an extensive search for new leadership. Bruce Cleaver, renowned for his global expertise in mining gemstones and marketing, will assume the role of Chair and Independent Non-Executive Director. Formerly Chief Executive Officer and Co-Chair of De Beers Group, Cleaver brings a wealth of experience and will also chair the Nomination Committee. Martin Tolcher, reflecting on his 15-year tenure and nearly five years as… Read More Here
KNBEPC Launches 100-Megawatt Solar PV Project in Zambia’s Chisamba District 25 Mining in Zambia Electricity Green Energy 

KNBEPC Launches 100-Megawatt Solar PV Project in Zambia’s Chisamba District

Constance
The Kariba North Bank Extension Power Corporation (KNBEPC), a subsidiary of ZESCO Limited, has inaugurated a 100-megawatt solar photovoltaic (PV) project in Kafungalubala village, Chisamba district. Located under the jurisdiction of Chief Chaamuka, the project aims to bolster Zambia’s power generation capabilities and stimulate economic growth in the area. Following successful environmental assessments conducted by the Zambia Environmental Management Agency (ZEMA), construction of the project has commenced with Sino Hydro as the selected contractor. Initial mobilization of teams and preparatory work are already underway, including primary clearing of 106 hectares… Read More Here
Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover 26 Mining in Zambia Copper Economy Mining tax Taxes 

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

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
Zambia to Establish New Mineral Investment Entity to Boost Revenue 27 Mining in Zambia Copper Economy 

Zambia to Establish New Mineral Investment Entity to Boost Revenue

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
Burial of Sensele Mine Accident Victims Held in Chingola 28 Mining in Zambia Mine Safety News in Brief 

Burial of Sensele Mine Accident Victims Held in Chingola

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

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