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Mining

The Emeralds and Semi-Precious Stones Mining Association of Zambia-ESMAZ has raised concerns about the current mining policies, suggesting that they favor foreigners over local small-scale miners.

ESMAZ President Victor Kalesha said there is a need for the Ministry of Mines to reevaluate and adjust the stringent conditions imposed on Zambian miners.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, ESMAZ criticized the current mining license policy, stating that it seems to favor foreign companies over Zambian miners further arguing that the conditions are simpler for foreigners due to their access to finances, equipment, and geological information.

Kalesha highlighted a lack of understanding of the language and complex regulations, which are major barriers for local miners.

“In contrast, local miners face significant challenges in meeting these requirements, hindering their ability to compete on an equal footing.”

ESMAZ proposed various solutions, including tax relief on the importation of mining equipment for small-scale miners and the establishment of pilot projects to provide leased mining equipment.

Kalesha has also appealed for long-term financing options tailored to support local miners and for the enhancement of geological survey capabilities.

He further emphasized the importance of collaboration with academic institutions such as the University of Zambia and the Copperbelt University School of Mines to leverage expertise in mapping out the geological layout of the country.

ESMAZ asserts that these measures are necessary to level the playing field and ensure fair opportunities for local small-scale miners in the Zambian mining industry.

“Many times noncompliance comes in because of the lack of compliance comes in because of not understanding the jargons in the language that is used which needs to be changed to the level of most local Zambian small-scale miners.”

“The current policy on mining licenses is a conduit to be cited for noncompliance because some of them don’t even seem to be favoring the Zambians but are favoring the foreigners because the conditions look very simple for foreigners because they have the money but very difficult for the locals because they have no access Finance, equipment and no proper geological information which is easy for other for the foreigners.”

“What we need to see is that maybe be government cutting off taxes on the importation of the importation of equipment for small scale so that they can be able to do proper exploration because currently, exploration itself is very expensive.” He added.

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The Emeralds and Semi-Precious Stones Mining Association

Markets

The Bank of Zambia – BoZ disclosed that the continuous instability of the exchange rate in Zambia is a threat to financial stability, as this could trickle down to asset price distortions, and credit losses.

According to the BoZ Financial Stability report accessed by the Zambian Business Times (ZBT), as observed in recent times the volatility of the Kwacha had escalated, slumping to a historical high of ZMW27.2175 against the US dollar in early February 2024.

“The exchange rate volatility surged above its 14-year historical average, as the Kwacha experienced both appreciation and depression, the local unit weakened in February as the stock of unfulfilled foreign exchange demand orders (pipeline demand), swelled in the absence of substantial inflows from the mining firms before recovering following liquidity tightening measures pursued by the Bank.

“The high exchange rate is a threat to financial stability, as it leads to credit losses from unhedged foreign currency denominated exposures and trading losses from foreign currency net open positions on balance sheets of financial institutions,” the report stated.

Furthermore, the report revealed that the price volatility for the Lusaka Securities Exchange All-share Index (LASI) suffered a decrease in stock valuations in March.

“The LASI has been on an upward trajectory, post-Covid, there remain a few businesses with access to market-based f inance, with high borrowing costs limiting their access to credit markets, this potential constraint many firms’ efforts to raise capital for investment and expansion,” the report echoed.

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The Bank of Zambia - BoZ disclosed

Companies

BY STAFF REPORTER

A Zambian Business Times – ZBT investigation has revealed that so far, four (4) milling companies have been narrowed down and identified in the industry investigations as being among the highly suspected brands to have toxic mealie meal (aflatoxins above the health requirement levels) after initial investigations of about 10 companies by the team that has been put together.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, a source whose names have been withheld due to the sensitivity of the matter, said out of the ten (10) milling companies inspected so far, 4 Companies have been named as chief suspects adding that further investigations have continued on this matter of great public concern.

According to the source, the four milling companies with the initial investigations whose products allegedly contain AFLATOXINS after being subjected to some tests include:  

1. SIMBA MILLING LIMITED

2. AFRICA MILLING COMPANY

3. ZNS’s EAGLE MILLING AND,

4. PEMBE MILLING

“So these are the chief suspects but investigations are still ongoing.” remarked the source.

Meanwhile, efforts by ZBT to get confirmation if indeed the initial tests have revealed products containing elevated and above health levels from Simba, African Milling, and Pembe, have proved futile by press time. ZNS had yesterday denied getting any reports of their Eagles brand being found wanting.

Aflatoxins are toxic compounds produced by certain molds that grow in soil, decaying vegetation, hay, and grains. According to the Ministry of Health which has refused to name the brands for the Milling Companies, these toxins pose a severe health risk to both humans and animals. In humans, aflatoxin exposure can lead to acute liver damage, liver cancer, immune system suppression, and other chronic health issues. Given the gravity of these risks, immediate and comprehensive action was necessary.

“To date, about 10 milling companies have been inspected, and more than 25 samples of maize meal were collected. It is with deep concern that in the report, 13 of these samples have been found to contain aflatoxin levels exceeding acceptable standards”, a statement from Health Minister Elijah Muchima availed to ZBT stated

The detection of elevated aflatoxin levels in products intended for human consumption is of great concern due to the severe health implications for our population. Aflatoxins can cause liver damage, and liver cancer, and can severely impact the health of individuals with prolonged exposure. Children and those with compromised immune systems are particularly vulnerable to the effects of aflatoxins – a statement from the Ministry of Health revealed.

Meanwhile, the issue of the continued presence of toxic mealie meals on the market continues to cause public anxiety as the concerns are now extended to establishing the source of the maize that the millers may have used. It is however not yet clear whether the maize is coming from private sellers or from the Food Reserve Agency – FRA or indeed the imported stock from neighboring Tanzania.

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BY STAFF REPORTER A Zambian Business Times -

Lifestyle

USAID Open Space senior media lawyer has emphasized the need for the quick implementation of the access to information (ATI) law in Zambia.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, USAID Open Space senior media lawyer, Joe Nkandaani called on the Ministry of Information and Media to expedite the process of passing the commencement order in order to operationalize the ATI law.

He noted that the ATI law is eagerly awaited by the public as it will enable individuals to access relevant information.

“Basically what had remained was if someone wants to access information, the forms that they are supposed to use to apply for request to access information, the guidelines as well, and the rules which were still being developed,” he said.

Nkandaani noted that relevant stakeholders like the civil society organization and other organizations had made submissions to the ministry of information and Media regarding the guidelines, regulations and the implementation of the access to information law adding that what had remained is for the Ministry to complete that task of incorporating the information that was made by the stakeholders and finally present the final document.

Nkandaani emphasized the importance of incorporating the submissions made by civil society organizations and other stakeholders into the final document further urging the Ministry to expedite the process of ensuring that the required forms are ready without delay.

He also stressed the need for public bodies to promptly appoint information officers so that the public is aware of the appropriate channels for accessing information once the law is in effect.

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USAID Open Space senior media lawyer has

Tech

Economist Yusuf Dodia emphasized the urgent need for Zambia to tap into the cost-saving potential of railway transport as a means to alleviate the country’s heavy reliance on expensive road transport due to high fuel costs.

Speaking in an interview with the Zambian Business Times – ZBT, Dodia who is also the Chairperson for the Private Sector Development Association PSDA, highlighted that switching to rail transport, which is significantly more economical, could play a pivotal role in reducing fuel consumption and enhancing cost-effectiveness, particularly for commerce, trade, and industry.

Dodia questioned the prevailing preference for buses and trucks for long-distance travel within the country and stressed the substantial cost advantages offered by the railway system.

By way of example, he pointed out that a bus ticket priced at about K450 for a journey from Lusaka to Kasama could be reduced to just K25 with the utilization of rail transport.

Dodia underscored that while it may not be feasible to reduce the cost of fuel due to the country’s reliance on imports, a shift towards more economical transport modes like railways could help mitigate the impact of high fuel expenses.

Furthermore, Dodia urged the government to review its electricity policy, advocating for the nationalization of the sector to enable more affordable access to electricity for the public.

He raised concerns about the current scenario where investors are charging the national utility company, ZESCO, between 11 and 13 US cents per kilowatt hour for electricity.

Dodia argued that the situation ultimately leads to ZESCO subsidizing consumers at its own expense, and suggested that nationalizing the entities involved could result in more affordable electricity prices for Zambians.

Additionally, Dodia stressed the importance of enhancing the efficiency of the Ministry of Science and Technology to capitalize on opportunities in artisanal and skills-related fields, providing substantial support for small and medium-sized enterprises (SMEs) to thrive.

“Why are we using buses and trucks to travel across the country, when we could be using trains of which the railway system is 25 times cheaper than road transport, meaning that a bus ticket from Lusaka to Kasama which is around K450 will now be K25, why have we not chosen that route to deal with the cost of fuel, we can’t reduce the cost of fuel because we do not produce it but we can reduce the consumption and make it more cost-effective, especially for commerce, trade and industry” he said.

Meanwhile, Dodia echoed that there is also a need for the Government to revisit the Policy on electricity, in terms of Nationalizing the sector to enable cheaper accessibility.

“We have seen investors who have invested in Maamba, Ithezhi tezhi, and others eji don’t want to run their businesses at a loss, they are charging ZESCO between 11 and 13 US cents per kilowatt hour, and they are saying to ZESCO if you sell it to the public that is your problem, and they sell to ZESCO under the power purchase agreement and then ZESCO comes and says we are subsiding you the consumer because we are buying at 12 cents and selling at 5 and we are making a loss of 7 cents, I would argue that ZESCO is helping the investors to profit off the people of Zambia, because if ZESCO owned the entities they would be selling power to Zambians at a price which is affordable,” he said.

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Economist Yusuf Dodia emphasized the urgent need

Lifestyle

In a gesture of goodwill to the needs of the community, BDO Zambia has donated bedsheets to the University Teaching Hospital Ward (UTH) Children’s Ward.

Speaking during the hand over event witnessed by the Zambian Business Times (ZBT) BDO Zambia Tax Director Debbie Nonde said the gesture is aimed at contributing meaningfully to the wellbeing of the children and the community at large.

“At BDO we pride ourselves not only delivering professional services but also our commitment to making impact on our community, we gather to extend support and solidarity to the children and families who find themselves here, as a Company rooted in principles of integrity, professionalism and Community service we believe in giving back to the Society, our presence signifies our unveiling dedication to this cause,” she said.

Nonde echoed that BDO is committed to offering substantial support to ease the challenges that pertain to the children.

“Our team at BDO Zambia has come together to organize this donation with a drive of hope that our contributions will bring a lot of comfort, joy and hope to the children, we believe that every act of kindness no matter how small can make a significant impact in the lives of young children that are found in this place,” she said.

And receiving the Donation UTH Children’s Ward Chief Nursing Officer Victoria Nthala thanked BDO Zambia for the donation, stating that it will enhance the outlook of the hospital and improve the livelihoods of the children utilizing facility.

“We are excited because currently we have a problem in terms of the beddings, because of these infections that have come on board, we do a lot of decontamination, and because of this the wear and tear is very high, this donation you are not just doing it for children but for all country because this hospital has a lot of specialized doctors, and we receive a lot of children coming from all over Zambia and that is why we say when you donate you have donated to the all Country, because the child from Solwezi or Eastern Province will come and utilize these bedsheets, and we will be knocking at your doors if need arises,” she said.

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In a gesture of goodwill to the

Agribusiness

The Zambia National Service – ZNS has dispelled assertions that the ZNS Eagles Mealie-Meal  has some poisoning components (aflatoxins) which have caused some stomach upsets and death of dogs in the country.

Information has emerged indicating that there is a mealie meal brand currently sold on the market with toxic agent called Aflatoxin with some sources alleging that it is ZNS’ Eagles mealie meal which is the cheapest and fastest selling brand in stores.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, ZNS Chief of Marketing and Public Relations Colonel Mable Nyoni, has denied allegations stating that the Eagles brand has always been subjected to tests by the National Biosafety Authority.

“Is there any evidence that it’s the Eagles brand that has poisons and for the people that consumed it and are in hospitals?”

“Of course this cannot be true because there could have been so many people that could have been affected so if it’s true that our mealie meal is contaminated by this time we wouldn’t even be speaking because we also eat the same mealie meal.”

“So that’s why am asking that if there are people that have eaten our brand and they are in Hospital and they can also point that I bought this and from this shop which sales Eagles brand then we can make a follow up with the relevant authorities that are responsible for biosafety.”

Asked who normally tests the Eagles Mealie-Meal before it is offloaded on the market, Nyoni said there is the National Biosafety Authority on Board and “we also do our own test from time to time so we also take to different laboratories for our own independent tests from time to time.”

Meanwhile, Nyoni reiterated that ZNS purchases maize from the Food Reserve Agency- FRA and the Local farmers for the production of mealie mealie. She Clarified that ZNS is importing mealie meal but not for local consumption.

“For me as of today there is nothing wrong with Eagles Brand we do have scheduled testings that we do privately and also the National Biosafety is also on Board.”

Asked on how often are tests conducted Nyoni said, “they are scheduled in a month we do about twice it’s a must so I will be interested if there any people that are affected will be interested to know that and find out.”

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The Zambia National Service - ZNS has

Markets

Economist Notulu Salwindi says the continued increase in inflation which has now escalated to 15.4 percent is attributed to the low productivity in several sectors and industries due to the prolonged hours of load shedding being experienced Country wide.

According to official statistics, annual inflation for July 2024 increased to 15.4 percent from 15.2 percent recorded in June 2024.

This means that on average, prices of goods and services increased by 15.2 percent between June 2023 and June 2024.

Speaking to the Zambian Business Times (ZBT), Salwindi who is an Economist with specialization in Marcoeconomics and Health Economics said the reduction in production has led to a hike in the cost of doing business, subsequently driving up the prices of goods and

“Industries are grappling with reduced revenues and increased production costs as they endeavor to mitigate the effects of load shedding on their operations.”

Salwindi underscored the inadequacy of current policies in addressing the unique economic challenges faced by Zambia.

He pointed out the need for a more comprehensive approach to monetary policy, tailored specifically to the Zambian economic landscape, rather than mirroring policies meant for economies like the UK and US.

“The load-shedding is not just affecting the households and the industries as well, meaning if you look at the industries production has gone down, apart from production going down which means their revenues are also going down, their cost also has gone up because in terms of substituting power so that they are able to produce as much as they could, so we are looking at a situation where production is reducing, and the cost of production again is increasing within the same economy and already you have a shortage in terms of goods available,” he said.

Salwindi echoed that the efforts of the Central Bank have not produced results because they are focused on price stability and do not speak to the Zambian economic setting.

“if you look at the Central Bank it is one of the Banks that does not have a fully-fledged research and development division, which basically could have helped them in decision making, the policies are focused on price stability and when you look at price stability the targeted inflation we always say 6-8 percent, meaning everything that we are doing we just focus on price stability but there are other things that the Central Bank can focus on in terms of monetary policy, most of the policies that they are using for lack of a better term they are meant for UK and US not Zambia,” he said.

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Economist Notulu Salwindi says the continued increase

Markets

Economist Esther Banda has emphasized the need for the government to implement policies and statutory instruments that support the manufacturing and agricultural sectors in order to bolster the performance of the Kwacha.

Speaking exclusively to the Zambian Business Times (ZBT), Banda highlighted the temporary stability of the Kwacha at K24 per dollar and stressed the necessity for long-term measures through supportive policies.

Banda emphasized the importance of government support for the private sector, particularly the manufacturing and agricultural industries, to enhance production and reduce dependency on imports.

She suggested that increasing forex through the mining sector and promoting value addition in the copper industry could contribute to strengthening the Kwacha. Banda also proposed local processing of raw copper to generate more revenue and reduce the outflow of raw materials.

She underscored the strategic position of Zambia in the SADC region and advocated for promoting local processing of copper to add value to the country’s export products.

Banda urged the government to take steps to enhance value addition in the agricultural sector, which could ultimately lead to an improvement in the performance of the Kwacha.

“What would be very important is that the private sector including the manufacturing and agricultural sectors are supported by the Government of the day, through policies and Statutory instruments that can bring about enhancement in production, if we cannot produce to import let us produce to consume so that we reduce on importation which makes the currency weaker,” she said.

“We are exporting copper in raw form, why don’t we have a mechanism that will enable our industries to begin to process copper locally in terms of finished copper cables, that way when we add value addition we will get more money, we are strategically positioned in the SADC region such that we export our copper to even three or more neighboring Countries, why should our copper go to China and come back in form of finished products, these things cannot be done in the short term but steps can be taken by the Government, the Kwacha can only increase if we enhance value addition through agriculture product,” she said.

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Economist Esther Banda has emphasized the need

Mining

Kansanshi Mine which is owned and operated by Kansanshi Mining PLC, owned by First Quantum Minerals – FQM, Gold production has increased by over 55 percent in 2024.

According to official statistics made available to the Zambian Business Times – ZBT, Gold production at the Kansanshi mine has increased by 56 percent from January to June 2024 compared to the Gold produced during the same period in 2023.

FQM’s 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. This represents about a 56 percent increase.  

The report indicates that the Kansanshi mine produced 111, 117, 175, 120, 136, and 157 kilograms of gold from January to June 2024 resulting in a total of 818 kilograms about a 56 percent increase compared to 96, 67, 93, 79, 94, and 89 kilograms which were equivalent to about 521 kilograms of gold produced from January to June 2023.

At a time when gold prices are averaging at around $76,800 United States Dollars, the value of Gold produced by Kansanshi mine produced this year is about $62.8 million from January to June 2024.

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Kansanshi Mine which is owned and operated