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Mining

Gold production at a Chinese mining firm operation in Zambia’s Chambishi district in the Copperbelt Province has dropped by about 30 percent in the first 6 months of 2024 compared to 2023 production for the same period.

According to the minerals production report obtained by the Zambian Business Times – ZBT, Gold production at the Non-Ferrous Corporation Africa Mining PLC (NFCA) has dropped to the lows of about 19.27 kilograms from about 26.86 kilograms in 2024 and 2023 respectively.

NFCA is majority-owned by China Non-ferrous Metals Company Limited (CNMC), which holds an 85% shareholding stake, while ZCCM – Investments Holdings holds a 15% shareholding stake.

NFCA produced 3.17, 2.68, 4.47, 3.16, 3.49, and 2.27 kilograms of Gold in January, February, March, April, May, and June respectively compared to 6.22, 6.05, 5.34, 4.53, 1.06, and 3.64 within the same period in 2023 representing about 30 percent decrease in production.

This is despite other private Gold Mining firms reporting an increase of over 50 percent from January to June 2024.

According to official statistics made available to the Zambian Business Times – ZBT, Kansanshi mine produced about 818 Kilograms of gold from January to June 2024 compared to about 521 kilograms produced within the same period in 2023 which represents about a 56 percent increase. 

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Gold production at a Chinese mining firm

Companies

The prolonged legal dispute between Absa Bank Zambia and the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) regarding the non-payment of terminal benefits to employees following the transition from Barclays Bank has sparked contentious concerns as the case has dragged on for over 3 years now.

Despite mounting pressure and allegations from some bodies regarding the financial capability of the ABSA group to fulfill these obligations, the legal process remains unresolved even after three years.

This protracted legal battle has attracted intense concerns, with implications reaching beyond the immediate parties involved. The recent lawsuit seeking a declaration of the transfer’s unlawfulness and the alleged attempt to mask the corporate transaction adds further complexity to the case.

Responding to the Zambian Business Times – ZBT, inquiry on ABSA Bank’s failure to pay terminal benefits during the changeover from Barclays Bank and if ABSA is considering settling this matter out of court or will the Bank continue to litigate through the courts, Absa Bank Zambia, Head – Marketing & Corporate Affairs, Mato Shimabale said Absa Bank Zambia PLC was unable to offer additional commentary on this matter as the court had not yet concluded its deliberations after 3 years.

“This case has been active in the courts for the last three years. In light of the ongoing legal process, Absa Bank Zambia PLC is unable to offer additional commentary on this matter until the court has concluded its deliberations.” He said.

ZAMBIA Union of Financial Institutions and Allied Workers (ZUFIAW) sued Barclays Bank Zambia and ABSA Bank Zambia, seeking a declaration that the unilateral and non-consensual transfer of unionized employees of Barclays Bank to the new entity, ABSA Bank, is unlawful, null and void.

This was after Barclays Bank Zambia PLC announced in 2020 the official change of its name to Absa Bank Zambia PLC.

ZUFIAW also wanted a declaration that the so-called name change from Barclays Bank Zambia to ABSA Bank Zambia was a sham intended to mask the real nature of the corporate transaction, being a transfer of the business undertaking from Barclays Bank Zambia to the ABSA Group Limited and therefore unlawful, null and void.

As the legal saga continues, other key questions that ZBT had put out to ABSA Bank Zambia were,
“Some of the employees who were supposed to be paid their terminal benefits complained and made ZBT aware that ABSA group has the financial capability to pay but it’s the Zambian management team that seems keen not to pay out, what is your response to these indications from some of your employees?”

Mato however said ABSA Bank Zambia, was unable to offer additional commentary on this matter until the court had concluded its deliberations.

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The prolonged legal dispute between Absa Bank

Tech

Eastern Province Permanent Secretary, Paul Thole has highlighted the low knowledge of Information and Communication Technology (ICT) products in the province, attributing it to illiteracy, lack of electricity, and low levels of disposable income among households.

According to a 2022 ZICTA report, Eastern Province scored 13.5 percent in terms of knowledge of mobile phones, 3.0 percent for computers, and 3.6 percent for laptops.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Thole emphasized that the lack of internet access in many far-flung areas was a result of the absence of electricity.

Thole pointed out that approximately 50 percent of Eastern Province, particularly areas from Chipata going northwards up to Chama North, previously had no access to the national grid.

“However, recent efforts have connected previously underserved areas such as Chipangali, Lundazi, Lunsenfwa, and Lumezi to electricity.”

The low levels of disposable income in households were also mentioned as a significant factor. Eastern Province heavily relies on agriculture, and Thole noted that the introduction of mining activities in the province could potentially improve livelihoods and subsequently enhance access to costly ICT products.

“Agriculture has been our primary source of livelihood, but the discovery of high-value minerals such as granite, copper, and lithium in almost every district has opened up new opportunities. The increase in artisanal mining activities, if properly regulated, could contribute to the locals’ disposable income, enabling them to afford ICT products and gain more knowledge,” stated Thole.

The potential for increased mining activities to uplift the economy and create new opportunities for the local population was highlighted as a crucial step forward in addressing the challenges of low ICT knowledge and access in Eastern Province.

“Agriculture has been our source of livelihood, it is only now that we are beginning to discover high-value minerals in almost every district, minerals like granite, copper, and lithium, and now we are beginning to see an increase in terms of artisanal mining and if we can a legalized marketing of these minerals so that the locals can benefit, by then they can be able to afford spare Income for the ICT products and gain more knowledge,” he said.

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Eastern Province Permanent Secretary, Paul Thole has

Markets

Bank of Zambia (BOZ) Deputy Governor Operations Francis Chipimo has revealed that the Exports Proceeds Tracking Framework (EPTF) which came into effect on 1st January 2024 will only be fully implemented in 2025 adding that the services side is yet to be implemented as the current focus is on tracking goods.

Responding to a question raised by the Zambian Business Times (ZBT) over the EPTF Chipimo stated that the Bank has had receipt of K4 billions of exports and only about K2 billion has been reconciled.

“Since it was launched in January in terms of the total export value we had K6.6 billion, and in terms of the trade data, and in terms of the export receipts the value that we have received is about K4.1 billion, and all points of the framework are to reconcile so that we can say when this export was made this is the money that was made, and the reconciliation process we still have a bit of a long way to go and the amount recorded is K2 billion partly because we have not fully implemented the services side, once we implement the services side by January next year, then we should be able to fully reconcile,” he said.

Chipimo echoed that the bank is also working on tracking imports, alongside the services and goods.

“For example, we can be able to track the money that one is taking out, but they may say this money is ours because I imported goods and services before, there isn’t a way in which we can reconcile that indeed the money which you are sending out is for those imports, so that is the other pillar which we are implementing and once we do all of the three things we can have a 360-degree understanding of all of our payments in and out of the Country,” he said.

Chipimo emphasized the full actualization of the framework will also enable a full understanding of tax compliance and foreign exchange flows.

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Bank of Zambia (BOZ) Deputy Governor Operations

Companies

The Zambia Institute of Chartered Accountants – ZICA, has charged that the projected single-digit inflation now appears to be an untenable stretch, with the Zambia Statistics Agency Zamstats reporting an increase to 13.5%, up from 12.9% in the last quarter.

Speaking at the ZICA quarterly media briefing attended by the Zambian Business Times – ZBT, Zambia Institute of Chartered Accountants (ZICA) President Yande Siame Mwenye, noted that the annual inflation is projected to climb to 14.7%, posing a significant obstacle to the country’s economic stability.

Mwenye also emphasized the critical role of energy provision in driving economic growth and expressed concerns about the negative impact of power shortages on the economy.

Mwenye cautioned that projected growth rates of 6.6% in 2025, 5.9% in 2026, and 5.6% in 2027, may not fully account for potential external shocks such as global economic downturns, commodity price fluctuations, and local issues like adverse weather conditions.

“The projected growth rates of 6.6% in 2025, 5.9% in 2026, and 5.6% in 2027 reflect a strong optimism about the economic recovery and development potential. The government plans to achieve this through various reforms, infrastructure projects, and enhancing productivity across key sectors.”

“However, these projections might not fully account for potential external shocks, such as global economic downturns, commodity price fluctuations, or local issues like power shortages and adverse weather conditions.”

She said historical data shows that such optimistic growth projections often face significant hurdles. “The IMF and the World Bank have projected growth rates for Zambia in the range of 3-4% over the next few years which is lower than what the budget is projecting.”

Mwenye also noted that previous growth targets have often fallen short due to a combination of external and internal factors, such as the severe impact of drought on agriculture and power shortages hampering industrial production.

She advised the government to incorporate more conservative scenarios and contingency plans in the economic recovery plan. “This could involve creating financial buffers, diversifying export markets, and investing in climate-resilient infrastructure to mitigate potential disruptions and ensure a more stable path to economic recovery.” She said.

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The Zambia Institute of Chartered Accountants –

Lifestyle

The anticipation for the main event of the PRURide professional road bicycle racing stage race sponsored by Prudential, reached new heights as Prudential Zambia held a community activation race to build up for the major event scheduled for Saturday 31st August 2024.

On August 25, 2024, people from all walks of life, including kids, veterans, and women among many others expressed their maximum support for the incoming community activation race, showcasing an overwhelming interest in cycling.

Prudential Life Assurance Zambia, Chief Executive Officer – CEO, Kachiza Kwenda, who was also part of the cyclists to fully support this initiative, emphasized the twofold objective of the PruRide event – bringing communities together and raising awareness about cycling and road safety.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Kwenda highlighted the significance of the event in promoting fitness and an active lifestyle while demonstrating Prudential’s commitment to impacting communities in a sustainable manner.

Kwenda urged people from all walks of life to participate in the main event scheduled for August 31, 2024, which promises to feature a diverse range of racers, including elite riders, children, veterans, and mountain bike enthusiasts among others.

“One reason we are very happy to be associated with this is that as we put
in sponsorship, we are encouraging people to have an active lifestyle, and i
think in the past people have associated bike riding with either poverty or
anything but it’s the most efficient way to get around as it is good for human beings and their health.”

“This event helps us to come through for the communities that we work in as we believe in impacting sustainably the communities that we operate in and so this is just a demonstration of what we intend to do in many different areas across the country.” Remarked Kwenda.

He further encouraged people to look for healthy and holistic ways for them to pass their time adding that Prudential was very proud to be associated with such activities.

Appreciating the tremendous turnout at the build-up event held at Lusaka’s Cairo road, Kanyifwa Nyirongo, Managing Director of Prudential Pensions Management Zambia, who was also part of the event among many other officials from Prudential Zambia and Cycling Association of Zambia, expressed sincere gratitude for the great turnout and underscored the event’s focus on community engagement and promoting good health.

He added that Prudential Zambia intends to extend such events to other provinces like the Copperbelt and North Western province, emphasizing that PruRide is not just for Lusaka but for everyone to enjoy good health.

With the main event slated to begin from Thabo Mbeki-Ngwenya road and traverse through Kamloops road and the Great East road, Nyirongo encouraged individuals to register through various media channels and join in for a day of fun and good health. “So there will be some that will be doing 10 laps, 8 laps, and 6 laps so lots
of things that will be happening there so please come forward.”

The Prudential PRURide promises to bring communities together and promote a healthy and active lifestyle across all regions of Zambia.

The PruRide professional road bicycle racing is a community-based cycling sponsored by Prudential in Collaboration with the Cycling Association of Zambia.

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The anticipation for the main event of

Agribusiness

The National Union for Small holder farmers of Zambia -NUSFAZ, has urged the general public to try out mealie meal from other crops like millet and sorghum and cassava and not just sticking to maize.

Speaking in an exclusive interview with the Zambian Business Times, National Union for Small holder farmers of Zambia -NUSFAZ executive director Ebony Lolozhi said, the general public has to start learning how to adapt with the shocks that come with climate change in terms of food security.

“You know when we are faced with all these challenges we need to adapt ,so it is either we adapt or we die of hunger , so what I am saying here is first of all we need to manage our land properly so that at the end of the day our land is able to attain the right levels of fertility .” he said.

He added that there is need to start incorporating rain water harvesting each time we are in the rain season so in the future it can be of value.

“Look at the way things are as a country, we are grappling with low food levels meaning that our harvest was heavily affected by the drought when we would have simply practiced smart agriculture practices so that we avoid losing yield,” he stated.

Lolozhi added that in regards to them advising farmers to start diversifying to growing crops like sorghum, millet,cassava and even sweet potatoes it is also vital for consumers to also start considering consuming more of millet, sorghum and cassava so that farmers can be motivated into growing more drought tolerant crops .

He further called for joined efforts from companies that are into producing beverages to be specific alcoholic beverages to come on board and stimulate market demand so that farmers are encouraged to go into drought tolerant crops.

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The National Union for Small holder farmers

Markets

Economic Association of Zambia (EAZ) National Secretary Dr. Nicholus Obby Mainza has called for stringent measures in curbing the issue of investors engaging in capital flight which deprives the Country of the required revenue.

Speaking in an exclusive interview with the Zambian Business Times (ZBT) Dr. Mainza said Government must ensure that the investors save their earnings within the Country, in the aspect of growing the economy.

“The business environment in Zambia is very good, and that’s why we are seeing foreign investors coming into the Country, for instance the brick molding is flooded with several foreign investors, but the only weaker point is the allowing these investors to push out their cash in banks outside the country, we must advocate that they push the money in the Zambia banks so that we stabilize the Kwacha against other major convertible currencies, and there will be enough liquidity revolving around the country, instead of them sending the money in their offshore accounts,” he said.

Meanwhile commenting on the latest Zamstats report that indicates that the first quarter of 2024 experienced a reduction of the economic growth of only 2.2 percent compared to the first quarter of 2023 which was at 4.0 percent.

Dr. Mainza said there is a need to increase productivity and enhance the measures surrounding foreign exchange. Mainza also noted the recent appreciation of the Kwacha attributing it to the marketing season which has seen exports of agricultural products and the revamping of the mines.

“The Kwacha is doing better now compared to the previous month, it’s because we are making positives in the mines and agriculture. We have seen the marketing season where farmers are offloading their produce on the market, and the banks are running around and liquidity is at large,” he said.

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Economic Association of Zambia (EAZ) National Secretary

Agribusiness

The Total annual sunflower production in Zambia for the 2023-2024 season prospects has reduced by 52 percent to 44,1280 metric tons from 91,607 metric tons from the previous season according to official statistics.

Speaking in an exclusive interview with the Zambian Business Times, Agriculture expert Oliver Bulaya stated that according to the crop forecast, the Projected production for the 2024/25 season is dependent on farmers increasing hectares of production with expectations of normal rainfall patterns in some areas.

He however stated that, there is a need to intensify the promotion of sunflower as it is one of the crops that could do better regardless of the climatic challenges in consideration of Soil nutrition and market forces.

Bulaya said, “Smallholder farmers contribute enormously to sunflower production in Zambia. The country was generally self-sufficient in sunflower production, with occasional surpluses exported to neighboring countries. However, the year-to-year production levels changed due to factors such as weather, pests, and market conditions.” He explained.

Furthermore, Bulaya stated that there is a need for more local farmers to join and become large-scale sunflower producers.

He further urged the government to look into factors that could help local farmers scale up sunflower production like access to improved seeds, modern farming equipment, irrigation infrastructure, extension services, and reliable markets for their produce

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The Total annual sunflower production in Zambia

Lifestyle

Senior medical officers at the Livingstone Teaching Hospital, the main government hospital for the tourist capital of Zambia has been accused of deliberately not repairing it’s X-ray machines and other vital equipment in order to divert patients to a private clinic which is charging exhorbitant fees.

The accusation is that the senior officers at the government hospital may be conniving with the private clinic and getting cuts from the exhorbitant fees. The concerned citizen complained that no efforts have been made to get the machines working and this is putting a further financial burden on patients.

And when contacted by ZBT, a senior medical officer at Livingstone Teaching Hospital who asked for their identity to be withheld denied the allegations regarding the X-ray machines being down in order to favor private entities operating outside the hospital.

Speaking in an exclusive interview with ZBT, the medical officer revealed and acknowledged that yes indeed the X-ray machines have been down for a while now but that the breakdown of the X-ray machine was due to them not being replaced for quite a number of years now .

“We don’t have an X-ray Machine as the one that we had stopped working for some years now, so ever since then, we have been working with a smaller X-ray machine,” the medical officer said.

The medical officer further disclosed that currently there are some installations which the ministry is currently doing in regards to having the machines replaced.

“What the Ministry of Health is doing is that they are having installations of new machines across the Country, so they have currently installed in the Northern province, Eastern province, this week they are installing on the Copperbelt and probably next week or so, they will install the machine in Livingstone,” the source disclosed.

At the time of going to press, ZBT is yet to get a response from the ministry of health head office on the allegations in Livingstone and the timelines when the machines will be replaced.

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Senior medical officers at the Livingstone Teaching