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Companies

ZCCM Investment Holdings (ZCCM-IH) has posted a net profit of ZMW 55.32 billion (USD 2.2 billion) for the first half (H1) of 2024, marking a turnaround from the net loss of ZMW 2.41 billion (USD 126 million) recorded in the same period last year.

The profit surge has been attributed to the USD $1.1 billion capital investment by International Resources Holding RSC Ltd (IRH) in Mopani Copper Mines plc (MCM), which resulted in a one-off gain of ZMW 42.3 billion (USD $1.66 billion) from the revaluation of the asset.

“The share of profit from equity-accounted investees increased to ZMW 19.2 billion (USD 744.81 million), compared to ZMW 1.23 billion ( USD 64.17 million) in 2023, mainly due to the significant profit recorded by Mopani of ZMW 35.17 billion                 (USD 1.38 billion) in this period, compared to six months ended 30 June 2023 of ZMW 4.02 billion loss (USD 209.87 million loss)) due to the Glencore/Carlisa loans of USD1.7 billion that have been settled via the Amendment, Restatement, and Consolidation (ARCA) Agreement signed by IRH/Delta and ZCCM-IH following finalization of the Mopani’ Strategic Equity Transaction.”

“An investment expense of ZMW 3.86 billion (USD150 million) has been recognized in 2024, which was not present in the previous period. The USD 150 million is a partial consideration for the write-down of the Mopani debts to Glencore.” Reads the financial statement seen by the Zambian Business Times-ZBT.

“Overall, total assets increased by 17.6% during this period, primarily driven by the rise in noncurrent assets.” This increase has been mainly attributable to the gain recognized from the reclassification of Mopani from a subsidiary to an associate and the inclusion of the Mingomba asset recorded during the period.

Despite the profit recorded at the Group level, the Company posted a loss of ZMW 4.74 billion (USD 185.94 million) for this period, compared to a profit of ZMW 551.49 million (USD 28.80 million) in the same period of 2023.

“This significant decline was primarily attributed to a large investment expense as stated above, and a decrease in revenue, driven by the reclassification of Mopani from a subsidiary to an associate.  Total assets have nearly doubled, reflecting an overall increase of 90.9%.”

“This growth is driven primarily by the substantial increase in non-current assets, indicating significant capital investments in Mopani and other investments. The significant increase in total liabilities from ZMW 460.3 million (USD26.3 million) in June 2023 to ZMW 5.3 billion (USD 216.83 million) in June 2024 is mainly due to the Glencore loan of USD 150.44 million recorded during the period.”

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ZCCM Investment Holdings (ZCCM-IH) has posted a

Companies

In a landmark initiative to enhance maternal healthcare services, the FNB Zambia Foundation has officially inaugurated the Kalikiliki Maternity Annex, a state-of-the-art facility with substantial financial backing of K2 million.

This newly constructed annex, now equipped by the Ministry of Health, stands as a beacon of hope for local communities, providing specialized maternity care while promoting sustainable practices through solar power.

Speaking during the official handover ceremony graced by President Hakainde Hichilema who was represented by the Health Minister Elijah Muchima, also attended by other government officials, local leaders, FNB Zambia’s executive leadership, and the Zambian Business Times – ZBT, FNB Zambia’s Chief Executive Officer, Kapumpe Chola, reaffirmed the Foundation’s commitment to long-term community investment.

She said the Kalikiliki Maternity Annex is a state-of-the-art facility equipped with dedicated maternity wards and sustainable solar power, ensuring reliable services while minimizing environmental impact.

This facility is a result of FNB Zambia Foundation’s commitment to giving back to vulnerable communities by supporting projects aligned with the United Nations Sustainable Development Goals (SDGs), specifically targeting healthcare, education, water, sanitation, and climate action.

“For us, this is not just a project—it’s a promise. We are proud to invest 1% of our annual profit after tax into initiatives like this, driven by the belief that every contribution, whether from the private sector or individual efforts, makes a difference.” She remarked.

Chola added that with the official hand over of the facility, the Bank commits to deepening its impact and building a legacy of sustainable support for Zambian communities.

Meanwhile, Republican President Hakainde Hichilema in a speech read on his behalf by the Health Minister Elizah Muchima, commended the FNB Zambia Foundation for their continued dedication to supporting vulnerable communities.

President Hichilema said the Kalikiliki Maternity Annex is not just a healthcare facility but a symbol of the collective vision for a better Zambia. “This means that mothers in this community will have a safe place to deliver their babies, and families will have access to better healthcare services.”

President Hichilema also thanked FNB Zambia for making a 1% commitment of its profit after tax to the FNB Zambia foundation, “this is a real help and goes above and beyond business as usual. Your dedication is what makes projects like this possible. I also call on other private entities to join us in our mission to uplift the lives of all Zambians.”

The Kalikiliki Maternity Annex features dedicated maternity wards and has been equipped to ensure a high standard of care.

Speaking at the same event, Munali Member of the Parliament who is also the Minister of the green economy, Mike Mposha, said the Kalikiliki Maternity Annex will go a long way in helping mothers who had to cover long distances to access maternity healthcare services.

As the Kalikiliki Maternity Annex opens its doors, it is set to transform maternal healthcare outcomes, reaffirming FNB Zambia Foundation’s unwavering commitment to fostering healthier and more resilient communities across the region.

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In a landmark initiative to enhance maternal

Tech

In a significant stride toward enhancing educational excellence, the International School of Lusaka (ISL) has officially launched its ambitious $8 – $10 million campus construction project.

This landmark initiative marks the first major expansion in over three decades, showcasing ISL’s commitment to fostering a nurturing and integrated learning environment since its establishment in 1963.

Speaking during the official groundbreaking ceremony attended by notable figures, including ISL Trustees, the Board of Governors, the Senior Leadership team, and the Zambian Business Times – ZBT, ISL Head of School, Dr. Liam Hammer, emphasized the project’s potential to serve as a model of sustainability and innovation within the international education community.

“This multi-year project encompasses the development of five or six new buildings, increasing our capacity from 600 to 1,000 students,” he stated.

With a diverse student body of about 50 percent Zambians and 55 different nationalities, ISL aims to compete effectively with other international schools while providing high-quality education.

Dr. Hammer noted that the planning for this expansion has taken five years, and the construction will unfold in phases to minimize disruptions to current learners, with the first phase scheduled for completion by June 2025.

He said enhancements will include new administrative facilities, exam walls, a top-tier gymnasium, and a revitalized swimming pool.

Meanwhile, ISL Board Chairperson, Emily Kasoma underscored the significance of this project, describing it as a long-term investment in the future of education in Zambia.

“This expansion will enable us to increase our class streams from two to three per year, allowing us to welcome more students into our diverse community,” she added, expressing enthusiasm for the new sports facilities that will foster a well-rounded environment for students.

The state-of-the-art campus will feature essential facilities, including a dedicated primary school block for grades 1-6, a sports hall with hardwood courts and a dance studio, a multipurpose hall designed for examinations, and a modern administration block.


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In a significant stride toward enhancing educational

Agribusiness

Zambia Alliance for Agroecology and Biodiversity – ZAAB says the proposed Licensing fees for crop variety is likely to have a negative impact on the sector which will cause the price of the seeds to go up.

In the 2025 National Budget Finance and National Planning Minister Dr Situmbeko Musokotwane has proposed introduction of licensing fees for crop variety, basic and certified seed sales, and parental lines sales.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Zambia Alliance for Agroecology and Biodiversity National Coordinator Mutinta Nketani said, the proposed introduction of licensing fees for crop varieties will most likely affect production due to increased prices of seeds.

“With the increase that we already know with Fertilizer, and other chemicals because of the war in Ukraine and Russia we have seen that there has been a sustained increase in the prices of fertilizer and other agro chemicals and now with this, the cost of the price of seed is likely to increase.” She stated

Nketani added that the proposed introduction of licensing fees will also have an impact on the cost of Agricultural production which will also increase.

“Now what this means for the small holder farmer is that having their own seed, like what we talk about farmer managed seed systems would actually come in handy for resilience building.” She said.

She further told ZBT, that there is need for the Government to promote Farmer managed seed systems where farmers are able to save and share their own seed.

Nketani further added that there is need to create community seed banks that will buffer this increase that is expected in seed prices.

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Zambia Alliance for Agroecology and Biodiversity -

Mining

Mine Suppliers and Contractors Association of Zambia (MSCAZ) has noted with concern the continued sidelining of local suppliers and contractors in the mining sector as foreign firms have continued getting the biggest share leaving local businesses with minimal involvement in high-value contracts.

This comes amid concerns about low local participation in high-value contracts after the revamping of Mopani Copper Mines – MCM.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Mine Suppliers and Contractors Association of Zambia (MSCAZ) president Costa Mwaba said the lack of a law compelling mining companies to prioritize local participation has led to a situation where foreign firms are reaping the majority of the benefits.

Mwaba argued that while some contracts at Mopani are awarded to Zambian companies, these businesses are often foreign-owned in composition, resulting in the majority of the money flowing out of the country.

“The percentage of local participation is minimal, if you look at the whole supply chain talk about equipment there are local companies registered but they are foreign composition.”

“So these are the things we are talking about where the money goes to those foreign institutions as they are the ones who getting a lot of money and that challenge will continue not until we find a permanent solution.”

“What is confusing is that when they give contracts they are local companies that operate in Zambia and they will tell you we spending 80% of the Jobs to Zambians they are Zambian companies but they are foreign components whenever they are given those orders they escape the flight the money goes out.”

Local suppliers and contractors have since advocated for legislation to promote their increased participation in the country’s mining sector. The call for legislation to address this imbalance stems from the desire to empower local suppliers and contractors, ultimately leading to sustainable development and economic growth within Zambia.

Mwaba has also stressed the importance of long-term investment and capacity building to ensure that local businesses can compete on an equal footing with multinational firms.

He emphasized the need for deliberate action to support the empowerment of Zambian suppliers and contractors, citing examples from other countries where similar measures have led to significant progress in local content and ownership within the mining sector.

government and mining companies have also been challenged to prioritize the development and implementation of laws that support local participation, emphasizing that while foreign investment is valuable, it should complement, rather than overshadow, the growth and empowerment of Zambian businesses.

“Because they will tell you we are giving business to the Zambian Companies and it’s true they are giving business to Zambian companies but they are foreign in composition. We do get jobs but not at a rate we would want to get jobs we don’t want just jobs for drainages or things that are not highly technical, how will we get up in the ladder for us to participate in serious issues.”

Mwaba said the long-term effect has been that the country has been talking about Zambians not having the capacity to carry out bigger projects because they are coming from a place where Zambians have been sidelined from participating in major projects adding that it will take courage to reverse this situation.

“Congo was far behind us in every area of local content in terms of production and so many they have surpassed us in every area because in Congo 51% shareholding is for a Congolese they have moved to those levels because they dare to do those things.”

“That is what we need to do if we want long-term effects on the Zambian citizens is to ensure that as we are engaging these investors we must be deliberate to ensure that Zambian suppliers and contractors are empowered to that extent by passing a law that supports employment it’s not just by talking but by supporting a law that empowers citizens.”

“There are issues of capacity that have always been talked about, capacity is always built today If I want to develop someone will take that person to school and ensure that you meets the standards that are needed then will train you on the job to capacitate you to their levels now you can only do that if your investment is long terms and we know that these mining firms there have been here for over 20 years now most of them so it’s been long terms and those are some of the things that we need to address to say where would you want to see us if you are talking about 3 million tons per annum by 2031 where do you want to see the local companies in that period do you see them being shareholders? He questioned.

“Zambia belongs to all of us and if we want to see Zambia develop it can only be developed by Zambians. whilst investment is good, we need to attract investment that allows the supporting of local suppliers and contractors.” He remarked.

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Mine Suppliers and Contractors Association of Zambia

Companies

Questions on the deteriorating diplomatic relations between Zambia and its Southern neighbor Zimbabwe (Zim) have again come up following the emerging sporadic fuel shortages of diesel and petrol which the country is experiencing with sporadic queues forming at fueling stations.

According to ex-Puma executive and oil marketing consultant Knight Silumesi who spoke to the Zambian Business Times – ZBT in an exclusive interview, the introduction of a transit in and transit out tax or duty by Zimbabwe is one of the major reasons as notable quantities of fuel imports are trucked into Zambia via the Mozambique port of Beira, through Zimbabwe entering Zambia through Chirundu as the shortest road transit route.

This tax has resulted into oil transporters shunning using the Zim route, a strange move as this has led to them (Zim) losing out on revenue. It’s basically a transit in and out duty which they say they have put in place in trying to curtail fuel smuggling and adulteration while in transit in their country. The rate of the duty is astronomical from the Zambian truckers point of view, but they say its a duty you pay when transiting in and can be claimed back when transmitting out, but the drivers who have tried to pay this duty are saying its practically difficult to claim back.

This is what is making the whole tax when you look at its impact even on Zim itself, the loss of revenue and shunning of their country route, makes one think that there is more to this tax or duty than meets the eye. Silumesi told ZBT that it is this tax or duty that has led to most tanker transporters to shy away from using the Zim through to Chirundu border route, opting to use the longer Chanida border route which is currently heavily congested, adding to the longer delivery time for Zambia, further increasing the landing cost for dealers who now have to face a reduced pump price.

“First of all, naturally what happens is that when their is a reduction in pump prices, the players that had already made orders of the product which are still in transit or yet to be dispatched, will need to think through as their anticipated margins are immediately cut by the reduced price, the natural reaction is that the affected players hold back for fear of making losses” the oil consultant told ZBT.

This is because they made the orders at a higher price with an anticipation of the higher pump prices and are now forced to sell at a lower reduced price, they face consequential losses in their businesses. This is one of the major reasons which is affecting the supply of both petrol and diesel currently. However, there is another factor that has affected the fuel supply situation, there is a new tax or duty that were introduced in Zimbabwe about two months now, this tax has made it unfavourable for truckers to bring in oil consignments from Beira to pass through the shorter Zimbabwe Chirundu border route, resulting in most oil transporters channelling their trucks through Chanida border of Eastern province.

So, there is serious congestion at Chanida border because most of the oil tanker trucks are channeled through that border. Beira has been the major port for importing oil into Zambia, especially on finished petroleum products like Petrol and diesel. So this tax has caused queues and logistical challenges at Chanida. As you know, Chanida to Lusaka or Copperbelt is a longer route and has a longer lead time for delivery of products.

On whether the revised and reduced pump prices for Petrol and Diesel are cost reflective, Silumesi revealed that stated that its not cost reflective as per indications from most players and there is need for some more consideration to be given to stabilise the prices. He admitted that ERB had undertaken a positive move of reviewing upwards the margins for OMCs, transporters and dealers after about four years, but this risks being overtaken by the need for a further price consideration now that the pump priced have been reduced but have cost reflective challenges.

ERB however has continued to deny the emerging shortage of petrol and diesel at various fuelling stations across Zambia. Despite all the video, photo and confirmed reports of sporadic fuel shortages in Zambia in the past week, the Energy Regulation Board – ERB has refuted the reports. Efforts to get a comment from ERB after receiving the further reasons as above that this shortage has a Zim angle proved futile by time of going to press. However, spot checks by ZBT in Lusaka and key cities of Zambia proved that indeed some fuelling stations had run out and were turning away motorists.

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Questions on the deteriorating diplomatic relations between

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Coca-Cola Beverages Zambia – CBBZ has continued spreading smiles and excitement by handing prizes to the lucky winners of the 5th and 6th weeks of the popular Wina nakapendelo kaCoke Promotion.

The Wina nakapendelo kaCoke Promotion, which runs from 1 September to 30 November 2024, is Coca-Cola’s way of giving back to its loyal customers by offering them a chance to win incredible prizes by simply purchasing Coca-Cola products.

Since the promotion started, participants across Zambia have eagerly entered the competition, and the enthusiasm has only grown stronger with each passing week.

Speaking at the prize handover ceremony at Hanad Distributors in Lusaka and attended by the Zambian Business Times – ZBT, CocaCola Beverages Zambia, Trade Marketing Manager, Audrey Matandalizwe, expressed her excitement over the promotion’s overwhelming response.

“Today’s prize handover celebrates our valued customers who continue to support Coca-Cola. We are thrilled to witness the joy these prizes bring to our winners, and we encourage everyone to keep participating, as there are still many more prizes to be won in the coming weeks,” said Matandalizwe.

The cash prizes handed over at the event included 25,000, 20,000, 15,000, 10,000, and 5,000. Many more exciting rewards are still up for grabs, including awards to be announced weekly.

Consumers can participate in the Wina nakapendelo kaCoke Promotion by purchasing any Coca-Cola product with a yellow cap, checking under the cap for a unique code, and following the instructions to enter on *384*24#.

The promotion runs until the end of November, giving everyone above 18 years old across Zambia more chances to win weekly prizes.

Coca-Cola Beverages Zambia reaffirmed its commitment to supporting the Zambian community through exciting engagements and valuable rewards for its customers.

“Coca-Cola has always been a brand that brings people together, and with this promotion, we are proud to share the happiness and excitement with our consumers. The smiles we see today motivate us to continue delivering quality products and memorable experiences.” Matandalizwe added.

As one of the leading beverage companies in Zambia, Coca-Cola Beverages Zambia continues to support local communities through promotions like Wina nakapendelo kaCoke, job creation, and corporate social responsibility programs that contribute to the nation’s well-being.

She said the company is dedicated to providing refreshing beverages, creating meaningful connections with its consumers, fostering long-term loyalty, and enhancing customer experiences.

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Coca-Cola Beverages Zambia – CBBZ has continued

Mining

China’s Jinchengxin Mining Management Company Ltd (JCHX) owned Lubambe Copper Mines has posted a 10 percent increase in copper production in 2024.

The Shanghai-listed mining services and contracting firm recently bought an 80% stake in Lubambe from EMR Capital while the Zambia state firm – ZCCM IH holding the only remaining 20% stake in Lubambe.

According to the Minerals production reports obtained by the Zambian Business Times – ZBT, JCHX’s Lubambe copper mine production increased by about 1, 000 metric tons from January to August 2024.

This is in comparison to the Lubambe copper mine’s copper production of 9,960 metric tons from January to August 2023 which has now risen to over 11052 metric tons representing about a 10 percent increase in production.

Efforts to obtain a comment from JCHX’s Lubambe copper mines regarding the production surge proved challenging, as the Public Relations Officer was unavailable to respond to the inquiry at the time of press and only promised to provide further insights after internal consultations.

On 28th August 2024, ZCCM Investments Holdings PLC (ZCCM-IH) announced that it had reached an agreement with Jinchengxin Mining Management Company Ltd (JCHX) to acquire an additional 10% shareholding at US$1 in Lubambe Copper Mines Ltd (Lubambe) which is expected to be finalized next year and also expected to increase ZCCM-IH’s ownership in Lubambe from 20% to 30% only, and upon completion, JCHX’s stake will now adjust from 80% to 70%.

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China’s Jinchengxin Mining Management Company Ltd (JCHX)

Mining

The National Union of Miners and Allied Workers-NUMAW, has expressed deep concern over the recent spate of mining accidents at Zambia’s largest copper producer, Konkola Copper Mines Plc (KCM) resulting in loss of lives.

KCM has recorded two ill-fated fatalities happening in rapid succession with the recent fatality involving Stephen Daka, aged 38, who lost his life at the Chingola Open Pit (COP, F&D) operations at Nchanga mine around on Monday, 21st October 2024.

The body of Daka was discovered on the ground of a section of the open pit a few meters from the dump truck he was driving in circumstances that are currently under investigation.

As the mining community grapples with the aftermath of these incidents, the demand for robust safety protocols and proactive safety measures has gained momentum.

Speaking exclusively to the Zambian Business Times – ZBT, Simujika said there was a need for KCM to prioritize capacity building and safety inductions before resuming operations because the mine had been down for so many years.

“We are saddened as the union that within a week we have lost two people at KCM due to mining accidents so the announced shutdown of some operations in mining and processing plants for specified periods to do audits in terms of safety procedures it’s welcome because you can’t have that scenario where in a chain you are losing life.”

The union has since urged the mine safety department to closely work with the mine to strengthen safety procedures and prevent further loss of life.

 “All we are calling for is that let also mine safety department work together with KCM to build capacity in terms of safety So that quickly they can establish all those procedures.”

Simujika stressed the significance of ensuring the safety of the workforce, emphasizing that the recent accidents underline the pressing need to enhance safety protocols in the mine’s operations.

He stressed that the union is deeply troubled by the loss of lives and called for immediate measures to prevent future tragedies.

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The National Union of Miners and Allied

Tech

Despite the Country’s mobile penetration rate being pegged around 60 percent, there are loopholes and accessibility challenges for most rural parts of the Country.

Western Province Permanent Secretary Simomo Akapelwa has disclosed that Sikongo District has been adversely hindered from leveling up with the rest of the Country, with its accessibility limited to 12 hours per day.

Sikongo District is among the 9 newly created districts and was separated from Kalabo in Western Province and hosts a population of 60, 000 people.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Akapelwa said the only mobile network available in the district is Zamtel majorly because some of the Mobile Network Operators (MNOs) do not see the viability of business in the district.

“You can only get to Sikongo on a mobile phone which is Zamtel only and its only from 8hrs to 19hrs beyond that there is no access, you should be able to ask Zamtel as to why we have such a situation because we want to have adequate accessibility, but that is not the situation on the ground maybe these people are business minded, and they think the volumes are not attractive to their investments,” he remarked.

Akapelwa also added that a large part of the District is not connected to the National Grid and this might have affected the overall mobile network access.

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Despite the Country’s mobile penetration rate being