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May
03
2024
By LIBBY GEORGE
Does Zambia’s bondholder deal mean it has resolved its default?

Does Zambia’s bondholder deal mean it has resolved its default?

BUSINESS
COPPER producer Zambia is on the cusp of moving on from its debt default after a nearly four-year-long process. Along with Sri Lanka and Ghana, the southern African nation fell into debt distress and then defaulted during the COVID-19 pandemic. Does its deal with bondholders mean its economy is back on track, or that it is now out of default? WHAT HAPPENS WITH THE DEFAULTED DEBT? When a country defaults, it must negotiate new terms that all lenders will accept that will make repaying manageable again. This can happen by cutting the outright amount of debt, reducing the interest paid, stretching the repayment timeframe -…
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Mar
24
2024
By MARCO AQUINO and FELIX NJINI
DRC overtakes Peru on copper output, still behind on exports

DRC overtakes Peru on copper output, still behind on exports

BUSINESS
THE Democratic Republic of the Congo (DRC) overtook Peru as the world's second-largest copper producer in 2023, though it still lags behind the South American country in exports, official data from both nations show. DRC produced about 2.84 million tons of copper last year, the country's central bank reported. Peru's output was 2.76 million tons, the Andean country's mining and energy ministry said. DRC has been reeling in Peru's No. 2 copper spot over recent years, with flagging mining investment in Peru linked to red tape and recent political turmoil and protests. Chile remains the distant top producer of the red metal.…
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Mar
13
2024
By JULIAN LUK and CHRIS MFULA
Zambia’s Chambishi copper smelter scales back capacity amid power cuts

Zambia’s Chambishi copper smelter scales back capacity amid power cuts

BUSINESS
CHINA Nonferrous Metal Mining Corp's Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters. The plant, which produces about 250,000 metric tons of copper per year, is one of the biggest processing facilities in Africa's second-largest copper producer. Zambia generates about 87% of its electricity from hydropower, and lower water levels due to its current drought, the worst in two decades, have curbed power generation, the managing director of state-owned power utility Zesco said. Zesco said last week it would start rationing electricity supplies…
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Feb
08
2024
By FELIX NJINI and VERONICA BROWN
Zambia set to negotiate bigger stakes in new mining projects

Zambia set to negotiate bigger stakes in new mining projects

BUSINESS
ZAMBIA is keen to negotiate larger holdings in new mining projects to raise its revenue and boost spending by investors on social projects, mines minister Paul Kabuswe said. The push by Lusaka through state-owned ZCCM-IH would apply to future agreements, but does not include existing mines and should not unnerve investors, Kabuswe told Reuters. Zambia is Africa's second-largest copper producer after the neighbouring Democratic Republic of Congo. ZCCM has interests of 10% to 20% in mines including those owned by Barrick Gold, Vedanta Resources and First Quantum Minerals. ZCCM sold a 51% stake in Mopani Copper Mines to a unit of…
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