zambia - The African Mirror

Dec

2023

Abu Dhabi’s IRH to invest $1.1 bln in Zambia’s Mopani Copper Mines

THE United Arab Emirates International Resources Holdings (IRH) will invest $1.1 billion in Zambia's Mopani Copper Mines in return for 51% ownership of the business, the state-owned ZCCM Investments Holdings (ZCCM-IH) said. Last month, Zambia picked IRH, a unit of Abu Dhabi's most valuable listed company, International Holdings Company (IHC), as the strategic equity partner in Mopani, which was coveted by several investors looking for copper assets. Zambia had been seeking a new investor for Mopani since it took control of the assets from Glencore in 2021 after agreeing to pay the Swiss commodities company $1.5 billion in a deal funded by debt.…

Dec

2023

By FELIX NJINI and OLIVIA KUMWENDA-MTAMBO

South African court denies class action against Anglo American

NEWS

SOUTH Africa's High Court has ruled that a class action lawsuit against miner Anglo American brought by victims of alleged historic lead poisoning in Zambia should not go ahead, lawyers for the claimants said. Victims of the alleged poisoning had accused Anglo's South African unit of negligence in controlling emissions of lead into the local environment at a mine it part-owned 50 years ago in Zambia's Kabwe district. Anglo has previously denied the allegations and vowed to defend itself. "We have stated from the outset that this claim is entirely misconceived and it is clear that the court recognised its multiple legal…

Dec

2023

By The African Mirror

Jubilee Metals forms Zambian copper recovery venture with UAE’s IRH

BUSINESS

Jubilee Metals Group said that it has formed a strategic partnership with Abu Dhabi-based International Resources Holdings (IRH) to recover copper from a historic waste dump in Zambia. Africa's number 2 copper producer Zambia last month picked IRH, a unit of Abu Dhabi's most valuable listed company International Holding Company, as the new strategic equity partner in the state-owned Mopani Copper Mine. IRH, which was not immediately available for comment, is actively pursuing the acquisition of metal assets including copper, nickel, graphite, manganese, cobalt and lithium which are essential to the UAE's clean green energy drive. Jubilee, which mainly focuses on recovering metals…

Dec

2023

By CHRIS MFULA

COP28: Zambia’s first green bond to be issued by year-end by Copperbelt Energy Corp

BUSINESS

ZAMBIA'S Copperbelt Energy Corporation (CEC) will issue the southern African country's first green bond by the end of the year, the power company said, with a $54 million note to be sold as part of a $200 million green bond programme. The proceeds will be used to fund solar energy generation, as part of the company's aim to generate 200MW of renewable energy, Owen Silavwe, CEC's chief executive officer said in a statement released on the sidelines of the COP28 climate summit. Green bonds have grown in popularity globally as policymakers and financiers seek market-driven ways to tackle climate change.…

Dec

2023

By The African Mirror

Zambia digs for at least 25 miners buried in open-pit mudslide

NEWS

RESCUE workers in Zambia were still searching for at least 25 informal miners buried alive three days ago by a mudslide at an open-pit copper mine, Mines Minister Paul Kabuswe said. The miners at Seseli Mine in Chingola, about 400 km (250 miles) northwest of the capital Lusaka, were trapped in three places and heavy rains had flooded the pit, the government said. It was not immediately clear how many miners were trapped, but Kabuswe said 25 families had so far come forward to claim missing relatives who were working at the mine when the accident happened. The rescue workers,…

Nov

2023

By KARIN STROHECKER

Zambia debt rework delaying impede key investments, hitting the ‘most vulnerable’ – FinMin

BUSINESS

LONG delays in Zambia's debt restructuring have hamstrung much-needed investments, curtailed economic growth, weighed on local financial markets and added to living costs for its people, Finance Minister Situmbeko Musokotwane told Reuters. Zambia defaulted three years ago and is trying to rework its debt under the G20 Common Framework, a programme designed to ensure swift and smooth debt overhauls for low-income nations. But the process has been beset by delays, with Zambia suffering a major setback on Monday when official creditors rejected a preliminary deal agreed between the country and its bondholders to rework $3 billion over objections on whether it offered…

Nov

2023

By RACHEL SAVAGE and KARIN STROHECKER

Zambia dealt major setback as official creditors object to bond deal

BUSINESS

ZAMBIA suffered a major setback in its debt restructuring efforts after the government on Monday said a revised deal to rework $3 billion of Eurobonds could not be implemented at this time due to objections from official creditors, including China. Zambia and the country's official creditor committee (OCC) and the International Monetary Fund (IMF) had been at odds over whether the initial deal struck with a group of bondholders in late October offered comparable debt relief from bilateral as well as commercial lenders. The IMF approved a tweaked deal but official creditors again rejected it, Zambia said. "The OCC, through its co-chairs, concluded…

Oct

2023

By FELIX NJINI

Zambia to decide on new Mopani Copper Mines investor in October

BUSINESS

THE Zambian government is expected to make a final decision on the sale of Mopani Copper Mines this month, securing a new investor for the assets it bought from Glencore in 2021, a source with knowledge of the matter told Reuters. Zambia's Mines Minister Paul Kabuswe had initially said a new investor for the copper mines, which are struggling to make a profit, would be selected by the end of July. The process has been delayed by complex negotiations, as it also involves Glencore, to which Mopani owes money, the source said. Glencore has previously said it will not comment on the sales process as…

Oct

2023

By JORGELINA DO ROSARIO and KARIN STROHECKER

Zambia, bondholders kick off formal talks on $3 billion debt restructuring, sources say

BUSINESS

ZAMBIA'S international bondholders have formally started debt talks with the government this week, according to three sources, a key step to restructure more than $3 billion of overseas bonds. A group of the country's biggest private creditors has entered into a restricted period, which means they temporarily cannot trade the country's notes in exchange for non-public information, the sources added, asking not to be named because the discussions were private. The non-disclosure agreements(NDA) would be still in place next week, one of the sources added when Zambia officials and creditors are set to meet in person during the World Bank…

Sep

2023

By BIRD STORY AGENCY

World’s oldest wooden structure unearthed in Zambia

SCIENCE, TECH AND INNOVATION

ARCHAEOLOGISTS working in Zambia have made a revolutionary discovery that has the capacity to reshape our understanding of early hominid behaviour. According to the Lusaka Times, the scientists unearthed pre-historic wooden logs, firmly embedded in the riverbank, which indicate that nearly half a million years ago, Stone Age communities used wood for the construction of structures - possibly shelter. "The research… has generated significant excitement in the archaeological community. It is led by Professor Larry Barham from the University of Liverpool, who heads the Deep Roots of Humanity research project responsible for excavating and analysing this ancient timber," the Lusaka…