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Agribusiness

Minister of Finance Dr. Situmbeko Musokotwane has suspended duty on Maize imports into Zambia from 31 May 2024 to next year 30 June 2025. This follows a confirmation of the crop harvest forecast survey that revealed that Zambia’s annual maize production has dropped from about 3.3 million tons in 2023 to about 1.5 million tons in the 2024 harvest.

According to statutory instrument number 30 of 2024 seen by the Zambian Business Times – ZBT, Zambia will need to import maize to cover the deficit recorded due to drought. However, the government has been condemned by some sections of society for its loop-sided policy where it had embarked on exporting strategic reserves even before they had confirmed the success of the new crop for replenishment.

Calls to hold responsible Agriculture Minister Mtolo Phiri and his possible sacking have not yet been heeded, but his permanent secretary Green Mboozi has since been relieved of his duties.

However, Mboozi had told ZBT in an exclusive interview that his sacking was unexpected with other sources at the Ministry of Agriculture stating that he was merely following instructions from his superiors and was used as a sacrificial lamb.

Maize or Corn remains Zambia’s staple food and is considered a political crop due to its widespread consumption across the country.

The price of mealie meal (ground maize) used as a carbohydrate component of the main meals for most households has also steeply increased, raising concerns about family sustainability.

A check by ZBT with the farmer’s union – ZNFU confirmed that winter maize is not economically viable and all efforts have since been channeled to early maize, mostly grown by commercial farmers for export, but now being channeled to the Food Reserve Agency – FRA to boost the low stock levels.

Zambia requires an excess of 3.4 million tons of maize per annum to cover both human and livestock feed production needs. Soya, the other important crop for livestock feed production has also recorded a slump in production.

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Minister of Finance Dr. Situmbeko Musokotwane has

Companies

Coca-Cola Beverages Zambia has partnered with FNB Zambia as the Gold Sponsor of the FNB Kopala Run slated for 20 July 2024.

The Chief Executive of FNB Zambia Ms Kapumpe Chola said, “We are delighted that Coca-Cola Beverages Zambia responded to our call for sponsors and will be taking up a gold sponsorship package valued at K300,000 for the run”.

She further explained that FNB’s vision is to help create a better world by offering real and intuitive help in the communities we operate in.

Emphasizing the value of sports as a unifying force, Chola underscored FNB’s vision to make a tangible difference in the communities it serves. By elevating their investment in sports, the FNB Zambia aims to promote inclusivity and celebrate the unifying power of physical activity.

“We understand that sport has a unifying effect in communities across the world and is a key passion point for a lot of our customers. This is why we have taken a keen interest in increasing our investment in sports in the country.”

The upcoming FNB Kopala Run is set to honor 78 exceptional individuals across various age groups and gender categories, with the top male and female participants each walking away with a substantial ZMW35,000 prize. Notably, the race prizes are designed to be inclusive, extending the recognition to differently-abled participants.

Meanwhile, Panji Banda, Managing Director of Coca-Cola Beverages Zambia, emphasized that the partnership goes beyond mere sponsorship—it’s about enhancing the overall experience for consumers and demonstrating unwavering support for them.

Banda said this exciting collaboration aims to bring a refreshing experience to all participants and highlight the significance of supporting consumers.

FNB Zambia Head of Strategic Marketing and Communication Kasali Mwaba Kaingu encouraged and urged all runners to register in order to secure their race pack and participate in the walk/run slated for 20 July 2024.

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Coca-Cola Beverages Zambia has partnered with FNB

Mining

Zambia has seen a surge in nickel production, reaching 6,282 metric tons from January 2024 to April 2024.

This increase marks an upturn from the 249 metric tons produced within the same period in 2023, representing an advancement of about 2, 000 percent.

According to a consolidated copper production report obtained by the Zambian Business Times –ZBT, In April 2024, Zambia’s nickel production surged to 1,991.6147 metric tons, demonstrating an escalation from the preceding months.

In March, the production stood at 1,635.6386 metric tons, 1,580.4499 metric tons in February and 1,074.7349 metric tons in January 2024, indicating a consistent upward trajectory in nickel production.

Zambia’s Nickel production has increased from 249 metric tons produced in 2023 to 6, 282 metric tons from January 2024 to April 2024

Zambia produced 1,991.6147 in April 2023 up from 1,635.6386, 1,580.4499, and 1,074.7349 in March, February, and January 2024 respectively.

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Zambia has seen a surge in nickel

Companies

FNB Zambia has reaffirmed its dedication to promoting health, fitness, and inclusivity and has joined hands with other partners who have come on board as the Gold Sponsors for the upcoming FNB Kopala Run slated for 20th July 2024.

MTN Mobile Money has partnered with FNB Zambia as a Gold Sponsor, valued at K300,000, for the FNB Kopala Run.

Speaking at the media briefing for the partnership attended by the Zambian Business Times – ZBT, FNB Zambia, Chief Executive Chola Kapumpe, expressed her delight at MTN Mobile Money’s enthusiastic response to their call for sponsors, emphasizing the positive impact such partnerships have on the local communities.

Chola also underlined FNB’s vision of helping to create a better World by offering practical support within the communities they serve.

She said the FNB Kopala Run will award 78 winners in different age and gender categories with the top two male and female walking away with ZMW35,000 each.

The FNB Kopala Run, slated for 20th July 2024, promises to be a celebration of athletic achievement and inclusivity. With an impressive line-up of winners across various age groups and genders, the event embraces diversity, with an inclusive category also catering to differently-abled participants.

The top male and female winners for the 21KM half marathon are set to walk away with K35,000 each, with the second winners walking away with K20,000 Each, while the third winners will walk away with K15,000 each encouraging a spirit of health among all participants.

The 10 km run for the first prize is K15,000, the second prize is K10,000 and the third prize is K5,000. Meanwhile, Kapumpe said for the differently abled participants the top winners will walk away with K10,000, K7,000, and K5,000 for the first, second, and third prize winners respectively for both males and females. She added that there will be many other prizes ranging from K3,000 to K5,000 for other participants.

“We understand that sport has a unifying effect in communities across the world and is a key passion point for a lot of our customers. This is why we have taken a keen interest in increasing our investment in sports in the country.”

Meanwhile, Komba Malukutila, Managing Director of MTN Mobile Money, highlighted the potential of the partnership with FNB as just the beginning of a long and fruitful collaboration. “The focus remains on creating impactful initiatives to promote financial growth and community well-being. In addition, the integration of Momo on the FNB platform for race fee payments reflects the commitment of both organizations to making financial services accessible and convenient for everyone, thus encouraging broader participation in health and community-centric initiatives like the FNB Kopala Run.”

Speaking at the same event, Kasali Mwaba Kaingu, FNB Zambia Head of Strategic Marketing and Communication, further urged all enthusiastic runners to register for the event, emphasizing the need to secure their place and participate in the walk/run, in line with FNB Zambia’s overarching commitment to health, fitness, and inclusivity.

This collaboration stands as a beacon of corporate commitment to fostering a culture of health and fitness, promoting inclusivity, and driving positive change within the community. With their eyes set on the future, FNB Zambia is unwavering in its dedication to impactful initiatives that benefit the community at large.

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FNB Zambia has reaffirmed its dedication to

Mining

Kansanshi Mining Plc has recorded an increase in Gold production up to 524 Kilograms from January 2024 to April 2024 representing about 55 percent when compared to the gold that the mine produced within the same period last year.

According to a consolidated copper production report obtained by the Zambian Business Times – ZBT, Gold production at the Kansanshi mine was at 524 kilograms compared to about 337 kilograms produced in 2023.

Meanwhile, Gold production at the Mine dropped by about 30 percent in April 2024 from 175 kilograms produced in the previous month which was the highest production the mine had produced this year to 120 kilograms.

Kansanshi mine had produced about 117 kilograms in February 2024 which was an increase of about 5 percent from about 111 kilograms produced in January 2024.

Meanwhile, efforts to get a comment from the mine on the development were still underway by press time.

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Kansanshi Mining Plc has recorded an increase

Tech

Finance and National Planning Minister Dr Situmbeko Musokotwane says the Country has very limited opportunities to import power adding that most Southern African countries do not have the capacity to meet the required demand.

Speaking in an exclusive interview with Zambian Business Times – ZBT, on why government is not using part of about $400 million increment extended to Zambia by the IMF through the Extended Credit Facility – ECF especially that the country has a deep load shedding schedule, and why the money is not applied to import electricity to save some SMEs which are about to collapse, Dr Musokotwane added that the Country has limited opportunities for the importation of electricity because most Southern African countries do not have the capacity to supply the intended power to lessen the deficit that the Country is experiencing.

Dr Musokotwane said most of the Countries cannot avail the required capacity of power except Mozambique and despite Angola having surplus electricity there is no connecting line to make the supply a possibility.

“The opportunities to inport power are very limited, am sure we have heard that all of Southern Africa only Mozambique has a bit of spare electricity to export to neighboring Countries, we also have some surplus in Angola but there is no connecting line between Angola and Zambia, similarly there is surplus in Tanzania but again there is no connecting line, so importation even if we had money the opportunities are just not there because there is no electricity,” he said.

He added that currently the Government has limited immediate solutions to the impasse but there are expectations of alleviating the challenge in about a year.

Musokotwane encouraged investors to partner with Government in ensuring that the Country limits the electricity shortage through other alternative energy sources like solar and coal.

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Finance and National Planning Minister Dr Situmbeko

Mining

Zambia Consolidated Copper Mines Limited (ZCCM) the 2023 financial results with post-tax losses increasing to over $222 million about K4, 000 million.

According to the financial statement seen by the Zambian Business – ZBT, in 2023, the Group faced financial challenges, with post-tax losses increasing from ZMW3,786 million (US$222.03 million) in 2022 to ZMW4,076 million (US$198.59 million).

The group has attributed this to the underperformance of Mopani Copper Mine Plc, which reported a significant loss of ZMW8.97 billion (US$436.94 million).

“Mopani’s lower copper production and operational issues were key contributors to this decline.” 

Meanwhile, the Group’s total assets grew from ZMW48.92 billion (US$2.81 billion) in 2022 to ZMW58.46 billion (US$2.30 billion) in 2023, though the value in US Dollars decreased due to currency depreciation.

“Liabilities also increased, primarily due to the interest accrued on Mopani’s loan from Glencore and the resulting foreign exchange losses.”

Meanwhile, retained earnings were in a deficit of ZMW16.462 billion (US$639.40 million) by the end of 2023, worsening from the previous year’s deficit of ZMW11.44 billion (US$561.56 million). 

“Mopani Copper Mines plc (MCM) recorded a significant loss of ZMW 8.9 billion (US$436.94 million) in 2023, up from ZMW 5.05 billion (US$296.36 million) the previous year. This was due to decreased copper production, low equipment availability, delayed development, and multiple plant outages. In response, US$35 million was invested in sustaining and expanding projects, with full commissioning of expansion projects expected by 2027. In March 2024, a strategic investment of US$1.2 billion by International Resources Holding Limited (IRH), through its wholly-owned subsidiary Delta Mining Limited, was approved to enhance Mopani’s financial and operational resilience.”

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Zambia Consolidated Copper Mines Limited (ZCCM) the 2023

Companies

To commemorate World Environment Day, Airtel Networks Zambia Plc has partnered with the Lusaka City Council to plant over 300 trees in 30 schools across Lusaka.

Speaking at Yotham Muleya school during the planting of 50 trees, Lusaka Mayor, Chilando Chitangala commended Airtel for collaborating with the local authority in raising awareness on the need to plant trees as the action significantly contributed to averting the adverse effects of climate change.

“The 2024 edition of world environment day is premised on the need to restore land and foster drought resilience, under the slogan “our land. our future.” For your information, urban greening is one of the efforts being put in place as a measure to fight deforestation and is one of the ways we can restore our land,” Chitangala said.

Airtel’s Managing Director and CEO, Hussam Baday who joined the Mayor in planting the first 50 trees said the country was experiencing the driest season which has resulted in crop losses hence the need to never get tired of planting trees.

“Climate Change affects all of us and as a mobile service provider, we believe that events such as these, help remind us collectively and individually of our role in ensuring that we protect the earth,” Baday said.

Airtel purchased 350 trees that will be planted in 30 schools in Lusaka Province.

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To commemorate World Environment Day, Airtel Networks

Companies

Zambia’s power utility company ZESCO has clarified that the 300 Megawatts (MW) new line Zambia, Tanzania, Kenya power interconnector is intended to have the capacity to transmit 300 Megawatts of electricity, rather than importing that amount.

Speaking in a recent exclusive interview with Zambian Business Times – ZBT, ZESCO spokesperson Matongo Maumbi refuted claims that the ZESCO will import that amount of electricity adding that the 300 MW is the potential amount the line can carry once completed.  

This is after reports emerged that ZESCO will be importing 300 MW of electricity from Tanzania after the completion of the construction of a new line in the next Nine months.

Maumbi emphasized that the 300 megawatts are based on the potential that the line can carry, and discussions about the amount to be spent on the construction are still ongoing.

The company has established a special department to expedite the construction of a new line with the potential to import 300 Megawatts of electricity from Tanzania within the next nine months.

Asked about the selection of a contractor to undertake the construction works, Maumbi mentioned that this aspect is still under negotiation and has not yet been finalized.

He said the timeline for negotiations and commencement of the construction remains uncertain further confirming that the process of finalizing financial and other details for the project could take weeks or months.

Asked if this project is expected to deal with the current power crisis, Maumbi said, “On the current crisis is very doubtful because we are talking 9 months when the works start, so if the works start in October that will be from October up to 9 months and if it starts in July, then that will be 9 months from that month as an initial expected time frame to complete that. but in the shortest term “no” will not have any bearing as this is for a long-term kind of measure.”

“The 300 megawatts which was mentioned is for the potential that the line can carry not necessarily that we will be importing that amount but that we can import that kind of power when that line is complete.”

“So the financial details and other details have not yet concluded and when they conclude then we will share the financial details and the actual time frame in terms of after agreeing with the contract.

“I can’t tell when the negotiations will conclude because these are big contracts and government contracts take quite weeks and months but we hope that with the crisis that we have the process will be shortened or will be made faster, but consultations have advanced and we hope that within next month we have better updates.” He said.  

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Zambia’s power utility company ZESCO has clarified

Markets

Economist Bright Chizonde has raised concerns about the impact of the recent debt restructuring progress on the performance of the Zambian Kwacha. Despite the Minister of Finance and National Planning Situmbeko Musokotwane’s announcement that about 90 percent of bondholders have consented to the restructuring of the country’s US$3.5 Billion Debt, Chizonde emphasized that the Kwacha continues on a trajectory of depreciation, with the restructuring efforts falling short of enhancing its value. Speaking in an exclusive interview with the Zambian Business Times, Chizonde highlighted that the market players and foreign investors have become less reactive to the progression of the debt restructuring, resulting in a diminishing impact on the Kwacha over time. He pointed out that while the initial announcement had a more significant impact on the Kwacha, subsequent reactions from market players have been less pronounced. Chizonde cautioned that the short-term impact of the restructuring may not be sustained, as market players have adjusted their expectations in light of the Kwacha’s ongoing depreciation trend. Chizonde further stressed the need for the Central Bank to implement long-lasting measures to bolster the Kwacha’s performance and specifically called for stringent tracking of earnings from copper exports, emphasizing the importance of ensuring that the proceeds from copper are effectively channeled into the banking sector to facilitate Kwacha appreciation. He underscored the significance of realizing the full earnings from copper, citing previous difficulties in accurately tracking these earnings. “What we have observed is that the impact on the Kwacha seems to be reducing overtime compared to the time when the initial announcement about the restructuring came to light and when we did our first review of the program, the impact on the kwacha was more significant but overtime people seem to react less, it will have some short term impact and it will not last for a long period of time, the market players are well aware of that the Kwacha is on a trend of depreciation and they have resolved to lower their expectations,” he said. He said there is need for the Central bank to focus installing long lasting measures like increasing the earnings from copper by stringently tracking the earnings unlike in the past when there has not been a viable system of tracking the exports. “The Central Bank must ensure that the proceeds of copper are realized, because in the recent past we have had difficulties in tracking all the earnings from copper, they must make sure that that money hits the banking sector so that we can have that appreciation
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Economist Bright Chizonde has raised concerns about the